• April started positively for domestic equities, however after the first two weeks – equities fell and wiped out all gains. Nifty 50 closed down 2%.  
  • Broad Market Indices: Mid-caps (+0.6%) and Small caps (+0.6%) outperformed Nifty 50. Nifty Next 50 (+3.5%) outperformed.
  • At sectoral level, performance was mixed and the deviation between sectors has been very large.
  • Power (+18%) best performing sector with significant outperformance.
  • After few months of underperformance, Autos (4.8%) and FMCG (5.6%) were amongst the better performers.
  • IT (-12.1%) was the worst performing sector for April and preceding 3 months.
  • Pharma was almost flat, and has been worst performer in the last 1 year now with significant underperformance.
  • Within Commodities: Oil & Gas and Power continue to outperform, Metals underperformed after many months of continued outperformance.





  • Equity:
    • Global equities were very weak (on average down -5%). Reports suggest that globally, value stocks continue to outperform growth stocks.
    • Emerging markets underperformed developed markets as risk aversion picked up due to FED’s hawkish commentary, strengthening USD, impact of Covid lockdowns in China and ongoing Russia Ukraine war.
    • Within developed markets, European markets and agri commodity exporters Australia and New Zealand outperformed.
    • US: Due to fears of aggressive FED rate hikes and its consequences, US equities have been amongst the worst performing market. Nasdaq (which comprises of ~50% in high growth technology companies) has been the worst performer down about 13% in the month.
    • UK: Amongst the very few positive markets – led by outperformance in defensive sectors (Pharma & consumer staples).
    • China: Continues to deliver negative returns as Covid lockdowns continuing impacting growth projections. Taiwan, Hong Kong also continue to underperformed.
    • India: FII outflows moderated and equities outperformed.


  • Currencies:
    • The trend of last 2 months intensified further as most currencies weakened significantly versus the USD highlighting significant risk aversion globally.
    • Russian Ruble: Has continued its solid rebound versus USD as they implemented mandatory conversion of foreign currency to ruble by export-focused companies.

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