Fiscal consolidation +ve for mkts: Morgan Stanley

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Here is expert equity call for the day on how the markets are expected to trade:

Ridham Desai, Morgan Stanley: The government is achieving fiscal consolidation which is positive for earnings growth and market performance. Overall, change to earnings is insignificant as the cut in corporate tax surcharge is neutralised by the change in MAT. While costs go up on back of fuel and excise, stronger growth and improving pricing power represent upside risks to earnings estimates.