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Dear Policyholder,

July, 2020 was a strong month for equity markets with the Nifty 50 gaining 7.5% led by better-than-expected 1QFY21 corporate results, progress of Covid-19 vaccine trials and earlier-than-expected normalization in certain consumption sectors. The key trend emerging from India is that most activities in rural and semi-urban areas have largely returned to pre-Covid-19 levels, while urban demand remained subdued. Lower impact of Covid-19, good monsoon, wealth effect from continued uptrend in gold prices and benefits of Government cash transmission schemes have lead to this dichotomy. Strong sales from Tractor, Fertilizer, FMCG and two wheelers from rural areas are testimony to this.

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