India Strategy - A Stellar End To The Fiscal: Motilal Oswal
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Motilal Oswal Report
The Nifty ended FY21 with stellar (71%) returns. The returns look stellar due to the low base of FY20 when markets fell 26%.
The market delivered positive returns in all four quarters of FY21.
Foreign institutional investor flows in equities in FY21 were the highest ever at $ 37.6 billion while domestic institutional investor equity flows saw outflows after five consecutive years of inflows.
After the Covid-19 led sharp correction in March 2020, which dragged the FY20 returns, markets gradually recouped its losses in FY21, led by policy measures by governments, central banks as well as a better than expected corporate earnings performance which resulted in two consecutive quarters of earnings upgrades, a first in many years.
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