Markets consolidated for the second month in a row due to second Covid wave – There was a surge in new Covid cases from 1 lakh per day at the beginning of April to almost 4 lakh by the end of the month which led to increased volatility in the markets. FIIs turned net sellers in Indian equities and sold stocks worth `9,659 crore during the month. However in spite of the surge in Covid cases and FII selling there was no major sell off in the markets with the Nifty closing the month at 14,631 down by just 0.4%.
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