After a rollercoaster ride in FY19, the first half of FY20 turned out to be difficult to generate returns. Though the market cheered Modi 2.0, it lost
the momentum after the finance minister proposed to increase the surcharge on high net-worth individuals (HNIs) and foreign institutional inves-
tors (FIIs). Just before the beginning of H2 FY20, the corporate tax cut gave a positive surprise to the market, breaking the downtrend and zig-zag
streak of almost four months, 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 rally swiftly fizzled out.
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