Remember the historic runout that didn’t just mark the end of Mahendra Singh Dhoni’s innings but dashed the hopes and dreams of millions of Indian cricket fans to win over the world cup?
The same was the game of investment in FY20 on the D-street. H1 FY20 was very difficult to generate returns. Though the market cheered Modi 2.0, it lost momentum after Finance Minister Nirmala Sitharaman proposed to increase the surcharge on the HNIs and foreign institutional investors. Just before the start of H2 FY20, the corporate tax cut reinvigorated the markets, and an uptrend began. In January-February, Nifty made a new all-time high. But an unexpected shock from the three C’s (Corona, Crude, and Credit-risk aversion) made a deep crack on a well-paved D-street, and just before the end of FY20, the bulls lost the momentum, and the bears gained an absolute advantage.
Now, let us look at its impact on the market during FY20 in our Special Article this week.
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