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Motilal Oswal Report
The Nifty after recording an impressive 24% YoY gain in CY21 has begun the year on a cautious note. The month was characterised by extreme volatility, with the benchmark oscillating in a wide range (~1,500 points) and pulling back significantly to close flat month-on-month.
The increase in volatility was led by weak global cues, with concerns around inflation and potential rate hikes sparking a risk-off globally, leading to elevated foreign institutional investors outflows from India. FII recorded outflows for the fourth consecutive month and outflows stood at $4.8 billion in January 2022 – the highest since March 2020.
Domestic institutional investors saw inflows for the 11th consecutive month and inflows stood at $2.6 billion.
As of February 02, 120/34 our universe/Nifty companies have announced their Q3 FY22 results. Sales/Ebitda/profit before tax/profit after tax for the 34 Nifty companies grew 31%/9%/12%/10% YoY (versus our estimate of 30%/13%/14%/12% YoY).
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