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Dear Policyholder,

Indian equity markets rallied 14.7% (Nifty 50) in April 2020 as some signs of flattening of the Covid-19 curve spurred hope of economic activity resuming albeit at a slow pace. Some promise of a possible cure with positive preliminary results of a few drugs also added to hope and optimism. Robust rallies in global markets after Central banks there began to inject liquidity also built positive sentiment in India while steps taken by the Government of India and the Reserve Bank of India (RBI) to enthuse investors. Also the steep correction seen in March 2020 made valuations of stocks attractive leading to a pullback.

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