Markets staged a rebound in March – After the continued decline in the first week of March, the Nifty has recovered ~10% by month-end and started FY2023 on a strong note. The Nifty managed to briefly move above 18,000 levels in the first week of April with some positive developments in the ceasefire talks between Russia and Ukraine. FII’s were net sellers in Indian equities to the extent of ?41,123 rore in March as against outflow of ?35,595 crore in February. Despite this selling, the markets remained resilient owing to support provided by domestic mutual funds.

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