Multi-Asset Strategy For October - Asset Allocation - A Key To Sail Through Volatile Market: Axis Securities
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Axis Securities Report
Covid-19 Update: Vaccination drive picked up further in September 2021, increasing 36% month-on-month.
High-frequency indicators show sequential improvement, albeit with moderated pace: Google mobility data exhibited sequential recovery post localised relaxations. Time stayed at home fell significantly at India level and has rebounded to March 2021 level.
Equities: Q2 FY22 earnings momentum will be the key. The midcap and smallcap index delivered 7% and 6% returns respectively in Sep-21, and after underperforming in August-21, it beat the narrow large cap Nifty index by a healthy margin.
Fixed Income: Bond yields were largely stable for the first half of the month led by sequential improvement in the high-frequency indicators.
Currency: The Indian currency remained volatile in Sep-21 because of the stronger dollar and higher crude prices during the month.
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