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Key Events for the Month of September 2021:
• Nifty (+0.3%) closed almost flat for the month (u/p the region) after making a new all-time high and then falling on most days in the second
half of October. Stretched valuations, rising crude, mixed earnings, a slew of large upcoming IPOs were some of the reasons that could be
attributed to the sell-off.
• IMF retained India’s GDP growth forecast for FY22 at 9.5%and for FY23, IMF’s forecast stood at 8.5%. With this, India retained the tag of
the fastest growing large economy, both for FY22 and FY23
• RBI MPC maintained status quo on rates while maintaining FY22 GDP growth forecast at 9.5%.
• Services PMI rises to over a decade high of 58.4 in October 2021
• Exports rise over 42% to $35.5 billion in Oct 2021
• GST revenues (1.3 lakh Cr) for October is the second highest ever since introduction of GST
• Favourable base and subdued food inflation led to Sep CPI print at 4.35%
• Centre’s fiscal deficit stood at just 35% of the annual target by 1H-end. Gross tax revenues continued to beat expectations, with 1H collections
at 53% of full year budget
• Covid cases during the month remained under control (daily sub-20k) even as vaccine doses crossed the 1bn mark
• FIIs turned net sellers to the tune of ~$2.2bn while DIIs were net buyers of ~$0.6bn.In terms of sectors, autos, banks and utilities
outperformed while FMCG, Pharma and Realty underperformed.
