2022 could well go down in history as the year that saw inflation rearing its ugly head. Geopolitical shocks starting with the Russia-Ukraine war created inflationary pressures globally, driving up prices of energy—crude oil, coal and gas — and food. The US Federal Reserve, thereafter, embarked on a rate-hike cycle. And this, in turn, has now fanned fears of a global recession. The silver lining, however, has been the Indian equity markets’ performance. Benchmark indices CNX NSE Nifty and S&P BSE Sensex have each delivered returns of about 4%, year-to-date, even touching all-time highs in this period.
