Q3 FY22 Earnings Preview - Bullheaded Resilience: Motilal Oswal
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Motilal Oswal Report
Nifty ended CY21 with an impressive 24% YoY gain and outperformed most of the global markets, despite severe Covid-19-related challenges and multiple headwinds on the supply side. Resilient corporate earnings, consistently strong domestic inflows in the equities and a highly successful Covid-19 vaccination program drove the outperformance, in our view.
The last quarter of CY21, albeit, did witness elevated volatility and some pull-back with the influx of a new Covid variant (Omicron) as well as selling of $4.8 billion in Q3 FY22. The domestic vaccination drive acquired momentum steadily to end CY21 with a mammoth 1.45 billion administered doses (1.48 billion vaccine doses administered to date).
While the third wave of Covid-19 is creating havoc throughout the country and daily cases have spiked ~10 times within three weeks to 87,000 per day from below 10,000, the impact of the new variant has mostly been mild with very low hospitalisation and mortality rates, so far.
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