September witnessed higher volatility – After a strong recovery in month of July and August of cumulative 12.5 percent, the Indian markets witnessed profit booking in September month, posting negative returns of 3.7 percent. More importantly, the FIIs sold appox Rs3,750Cr in September month and MFs continued to remain net buyers to the extent of approx Rs6,769Cr. The markets did give away some gains in the second half of Sept. post cautious commentary regarding the inflation and the measures to tackle it. We have observed that retail participation has increased which has helped to absorb the selling done by FII during YTD FY23. Going ahead, we believe that the FIIs will return owing to strong growth outlook compared to other global nations.

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