Samvat 2078 turned out to be a challenging and forgettable year for global equities, given the many headwinds, including rate hikes, energy crisis, Russia-Ukraine conflict, continued supply disruptions, FPI outflows, heightened inflation, and more. We saw heightened volatility in the markets – more on the downside. Indian equity markets, however, proved resilient and outperformed most developed and emerging economies. Robust retail, HNI SIPs and lumpsum inflows helped offset the large outflows from FPIs without too much damage to the indices.