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Motilal Oswal Report
Equity markets witnessed strong rally in 2021 with Nifty up ~22% while Nifty Midcap 100/Nifty Smallcap 100 sharply outperformed with gains of ~43%/ 53% respectively.
Nifty touched record high of 18600 in October 2021, buoyed by the decline in Covid-19 cases, a significant pickup in the pace of vaccination, and the consequent sharp recovery in economic activity.
Consistently positive earnings surprises also led to rerating and rally in the market. After touching its new high in October, the Nifty corrected more than 10% in the last two months, led by global factors: Fed's taper announcement, rising bond yields, higher commodity prices, and strengthening of the U.S. dollar Index.
A big fundraise in the primary market also put some pressure on the secondary market. A total of 63 companies raised Rs 1.19 lakh crore through IPOs, making it highest ever fundraise in a particular year.
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