Dear Policyholder,
The Indian equity market ended the month with modest losses. The Nifty Index slipped 0.3% while mid-cap and small-cap indices declined 0.9% and 0.6%. On the sectoral front, metals (+8%), oil & gas (+1.8%) and auto (+1.3%) were the top gainers, whereas capital goods (-3%), consumer durables (-3%) and realty (-3%) were the top losers. Most of the global markets ended positive. South Korea (+7%), Taiwan (+5%) and Malaysia (+5%) gained the most. FPIs sold US$2.6 bn (until December 29th) of Indian equities in the secondary market, whereas DIIs bought US$8.1 bn (until December 30th). The Indian market continued to lag behind most global benchmarks, with MSCI India outperforming only MSCI Brazil.
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