Key Events for the Month of September 2022:

• Nifty (-3.7%) corrected as FIIs turned net sellers again.

• The S&P corrected by 8.6% and NASDAQ corrected by over 9% in the month.

• Fed remained hawkish and raised rates by 75bps.

• The DXY appreciated to 114.6 before correcting to 112 at month end inflicting pressure on global currencies. USDINR breached 81 decisively and closed at 81.5.

• Brent crude crude cooled down to $85/bbl. because of anticipation of recession.

• RBI MPC raised repo rate hike by 50 basis points which now stands at 5.90 per cent. The MPC announced a reduction in the real GDP forecast for the current FY to 7% from 7.2% earlier.

• India's CPI surged to 7% in August due to higher food prices, compared to 6.71% in July. The number has remained above the RBI's comfort zone of 2-6% for the eighth consecutive month. India’s WPI inflation eased to 12.41% in August.

• India's tax collection from the GST soared 26% to Rs 1.47L Cr. in Sep., on account of rising demand, higher rates, and greater tax compliance. The GST collection remained above the Rs 1.4L Cr. mark for the 7th straight month.

• Rainfall this monsoon season in India was about 7% more than normal.