Key Events for the Month of December 2022:

• Nifty (-3%) moved down sharply this month with FIIs turning sellers in cash to the tune of $1.7bn.

• In its December meeting, the RBI MPC hiked the repo rate by 35bps and kept the stance of “withdrawal of accommodation” unchanged, in-line with expectations.

• India's CPI, eased to an 11-month low of 5.88% in November 2022, down from 6.77% in October 2022. Separately IIP also witnessed a contraction of (-)4.0% in October. India’s WPI eased to a 21-month low of 5.85% in November 2022.

• The gross GST revenue collection for the month of December 2022 accounted for Rs 1,49,507 crore. The revenue collection has witnessed a surge of 15% on an annual basis.

• FIIs significantly reduced their buying in December 2022, although they remained net buyers to the tune of $263mn. DIIs turned net buyers to the tune of $2.93bn.