The Indian market exhibited mild consolidation post the recent sharp surge. The uncertainty-led volatility is likely to continue as the market approaches the election outcome. Conversely, the underlying earnings growth for the March quarter results so far was largely above expectations, which would likely support the valuation, which is currently moderately above the long-term average. Mid- & small-caps underperformed today, while defensive sectors like Pharma and FMCG were optimistic.