Despite the pullback, India remains among the top performers in CY21, with the Nifty up 21% in CY21 as compared to a flattish performance of the MSCI EM Index.
“The decline in active cases has led to an increase in economic activity and mobility.
Travel, Tourism, Hospitality, and Retail, has seen significant outperformance in the last few months on the back of opening up of economy, a good festive season, and a broad-based demand recovery.