We believe a benign base effect, above average monsoons and favorable government policy will be supportive for the sector, which will partially offset the emission norm related transition uncertainty Post our sector upgrade in Sep-19, the NIFTYAUTO index has risen ~9% over the quarter as retails have picked up in the festive season. Dealer inventories have now corrected to below four weeks (particularly for PVs). We believe a benign base effect, above average monsoons and favorable government policy will be supportive for the sector, which will partially offset the emission norm related transition uncertainty