Source: ICICI Direct Research, Note: ~5% of Index constitutes are yet to report earnings largely in the commodity space Extended lockdown, muted economic activity due to Covid led to a sharp downward revision in Nifty earnings, going forward. Given cautious management commentary, the demand recovery is expected to be gradual or U shaped in nature vs. earlier anticipation of V shaped recovery. Hence, our FY20E, FY21E, FY22E EPS estimates for Nifty are downward...