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FY22 commenced with an odd sense of deja vu as the second Covid-19 wave swept across the country over April–May 2021, resulting in localised lockdowns and restrictions.
Nonetheless, after peaking in May, active Covid-19 cases have already declined 88% from the peak and restrictions are gradually being eased since June.
The pace of vaccinations has also picked up – India administered four million vaccines daily, on average, in June, double the average of two million vaccines daily in May; this is expected to improve further on increased availability.
The equity markets have largely looked through the turbulent period of April/May and have shown strong resilience, with indices trading near all-time highs – buoyed by best-in-decade earnings delivery in FY21 and the expectation of an even better FY22.
The midcap and smallcap indices have sharply outperformed the Nifty and reset several benchmarks,
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