Indian markets recorded a broad recovery in April with all sectoral indices except for IT ending on a positive note, with significant recoveries in realty, PSU banks and auto stocks whilst IT underperformed. In contrast, Axis Securities' top picks' basket returned 3.6%, and the brokerage anticipates that the earnings season will influence the market direction with fourth-quarter results taking particular precedence. For the IT sector, any growth is likely to be very moderate due to disappointing earnings, a poor outlook and cautiousness in the global market. The current set-up is a "buy on dips" scenario, according to Axis Securities.