By Research desk
November 2025 Market Performance Recap:
Indian equities staged a resilient recovery in November 2025, extending their winning streak for a third consecutive month despite global headwinds. The Nifty rose 1.9% to reclaim the 26,000 mark, and the Sensex surged past 86,000 for the first time, while broader markets showed mixed trends with midcaps rising marginally and smallcaps facing volatility. The mood was buoyed by the “China Plus One” optimism reignited by the US administration’s announcement of 100% tariffs on Chinese goods, which outweighed lingering concerns from the earlier US-India trade frictions seen in August.
Sectoral divergence was the defining theme of the month. Technology emerged as the top performer, rallying 4.5%, as a weaker rupee and hopes of a bilateral US-India technology pact fueled buying in IT heavyweights. Healthcare and Financial Services followed suit, gaining 4.2% and 2.6% respectively, acting as defensive pillars. Conversely, the Utilities and Power sectors were the biggest laggards, correcting 3.9% due to profit-booking after a year-long rally, while Consumer Defensive stocks slipped 2% on muted rural demand signals.
Domestic triggers provided crucial support during bouts of global volatility. The Q2 earnings season concluded on a steady note, with banking and technology majors delivering numbers that met or beat consensus estimates, calming nerves about a deepening slowdown. However, management commentary remained cautiously optimistic, citing delaying capex cycles. On the macro front, sentiment was lifted by Fitch upgrading India’s FY26 growth forecast to 7.4% and retail inflation easing to an eight-year low of 1.54%, giving the RBI room to maintain a growth-supportive stance.
Flow dynamics remained a tug-of-war. Foreign Institutional Investors (FIIs) continued their exodus, selling approximately ₹11,600 crore worth of equities, driven by a strengthening US dollar and rising US bond yields. However, this was overwhelmingly absorbed by Domestic Institutional Investors (DIIs), who pumped in a massive ₹77,000 crore, marking their 28th consecutive month of net buying. On the currency front, the rupee remained under pressure, depreciating to a fresh record low of 89.66 per US dollar before recovering slightly, as the dollar index spiked on anticipation of hawkish US Fed moves.
Overall, November was a month where domestic liquidity and structural tailwinds successfully countered external selling pressure. With the Nifty back in bullish territory and inflation under control, the market enters December with renewed confidence, though attention now shifts squarely to the upcoming US Federal Reserve meeting and the finalizing of the anticipated US-India trade framework.
Sectoral performance
In November 2025, markets extended their recovery, pivoting sharply toward export-oriented themes amid renewed global trade shifts. Technology emerged as the standout performer (+4.5%), fueled by a depreciating rupee and optimism surrounding a potential US-India technology pact following the new US tariff regime on China. Healthcare followed closely (+4.2%), acting as a defensive stronghold while benefitting from the “China Plus One” diversification narrative. Financial Services continued its upward trajectory (+2.6%), supported by sustained credit growth and DII inflows, though momentum cooled slightly compared to October. Capital Goods saw selective buying (+1.8%) on hopes of increased domestic capex.
In contrast, Utilities (-3.9%) and Power (-3.5%) witnessed sharp profit-booking after a year of outperformance. FMCG slipped 2% as persistent food inflation dampened rural sentiment, diverging from the festive cheer seen in autos last month. Metals remained flat (-0.5%) as global commodity prices softened. Overall, November was defined by a strategic rotation into export-heavy and defensive sectors—led by IT and Pharma—highlighting the market’s adaptability to evolving global trade dynamics while domestic cyclicals took a breather.
In the following sections, we provide a more comprehensive examination, outlook and detailed insights of some major sectors:
Auto:
The auto sector enters December with strong momentum after a solid November, supported by the GST rate cut, healthier affordability, and steady seasonal demand. Industry-wide volumes grew 25.2% YoY in November, even as they eased from October’s festive peak. Retail trends remained firm—Vahan data for 11–27 November showed 38% growth in two-wheeler registrations and 31% growth in passenger vehicles versus the post-festive period last year. With inventories normalising and wedding-season demand kicking in, underlying fundamentals remain well supported heading into the year-end.
The PV segment continued to be the sector’s key growth engine, rising 21.4% YoY in November despite a natural 7.9% MoM moderation after October’s surge. Demand improved across compact and entry-level categories, aided by GST cuts and robust festive sentiment. Export activity also strengthened, supported by deferred shipments from the previous month. While market share shifted within the segment, the overall trend points to broad-based demand with SUVs and compact cars remaining the primary drivers.
Two-wheelers saw a noticeable rebound after a muted October, with domestic wholesales rising 20.2% YoY. The GST-led improvement in affordability, better rural sentiment, and supportive credit conditions helped lift demand across commuter and premium categories. Electric two-wheelers also remained an important growth pocket—Vahan registrations showed strong volumes across major players, with meaningful gains in both mass and premium offerings and new models pushing up footfalls. Overall retail traction stayed healthy across urban and rural markets.
The CV segment maintained its recovery trajectory, supported by improving freight movement, GST-driven cost relief, and continued infrastructure execution. November saw strong YoY gains across the board, with most OEMs posting increases in the 11–34% YoY range. Medium and heavy commercial vehicles performed particularly well, indicating sustained replacement demand and stable logistics activity. Month-on-month moderation was visible as dispatches normalised after festival-led spikes, but underlying demand remains intact.
The tractor segment stayed in an uptrend in November, with domestic wholesales rising 29.4% YoY to over 52,000 units, even though volumes fell 42% MoM from an elevated festive base. Exports also grew 19% YoY, signalling healthier global off-take. Retail sentiment was supported by the completion of the Kharif harvest, robust reservoir levels, steady progress in Rabi sowing, and expectations around GST cuts and government support schemes. While monthly prints may remain volatile due to seasonality, the broader demand outlook for the remainder of the fiscal year remains positive.
The auto sector enters December on a constructive footing, backed by the GST rate cut, firm retail sentiment, improved affordability, and normalising inventory levels. Although month-on-month moderation is likely as festive effects taper, broad-based strength across PVs, 2Ws, CVs, and tractors positions the sector for continued expansion. The near-term stance remains cautiously optimistic, with volume fundamentals expected to stay healthy into the last quarter of the fiscal year.
Hospitality:
The Indian hospitality sector enters December 2025 in a period of sustained strength, supported by peak seasonal demand and robust corporate activity. The month is expected to be characterized by elevated pricing power, continuing the positive operational performance established in November.
November’s performance confirmed that the sector’s pricing power has stabilized at favorable levels, driven by robust demand. The sector continues to operate near decadal highs in key metrics.
- Average Daily Rate (ADR) Rally: Pan-India premium hotel Average Room Rates (ARRs) are projected to be in the range of ₹8,200 to ₹8,500 for the full fiscal year (FY26), a significant increase from the ₹8,000–₹8,200 range witnessed in FY25. This 3–6% annual growth reflects the market’s successful capacity to absorb higher costs.
- High Occupancy: Despite robust new supply additions, pan-India premium hotel occupancy is expected to hold firm at 72%–74% in FY26, slightly higher than the 70%–72% levels recorded in the previous two fiscal years (FY24 and FY25).
- Revenue Growth: The sector’s overall revenue growth is forecast to normalize to 6%–8% YoY in FY26, following three consecutive years of double-digit expansion, demonstrating continued strength on a high base.
- Profitability: Operating margins for large hotel companies are expected to remain stable and strong, projected to be in the 34%–36% range for FY26, supported by cost-rationalization measures and the benefits of operating leverage.
December benefits from a unique confluence of seasonal timing and underlying structural factors that are set to drive strong RevPAR (Revenue Per Available Room).
- Favorable Supply-Demand Dynamics: The fundamental driver of pricing power is the mismatch between demand and supply growth. Demand for premium hotel rooms is projected to expand at a Compound Annual Growth Rate (CAGR) of 8%–10% between FY225 and FY228, while new supply additions will lag, growing at a slower CAGR of 4.5%–5.0% during the same period. This structural deficit supports elevated occupancy and rate optimization.
- MICE Market Expansion: Corporate and MICE (Meetings, Incentives, Conferences, and Exhibitions) activities are providing strong, consistent demand. The India MICE market is estimated to be valued at approximately $4.59 Billion in 2025 and is projected to reach $14.62 Billion by 2032, exhibiting a robust CAGR of 18%. This secular growth underpins strong weekday occupancy for city hotels.
- Investment and Capital Efficiency: Strategic expansion is largely driven by asset-light management contracts, which account for the majority of the planned new inventory. Furthermore, credit metrics are improving significantly; the average Debt/OPBITDA ratio for rated hotel companies is expected to decline below 2x by FY26, indicating strong balance sheet health and capacity for future growth.
Overall, the sector outlook remains constructive. December is expected to be a strong month, reinforcing the current structural upcycle and resulting in robust RevPAR performance, driven primarily by favorable pricing supported by a sustained demand-supply imbalance.
Metals:
The Indian metal sector is navigating a complex landscape in December 2025, marked by a continued struggle in the ferrous segment against high input costs and global oversupply, while the non-ferrous segment maintains its strength due to supportive global scarcity.
The steel market continues to grapple with weak domestic demand and persistently high raw material costs, leading to margin pressure for producers.
- Weak Price Realization: Domestic Hot Rolled Coil (HRC) prices slipped further by approximately 2% Month-on-Month (MoM) in November 2025, continuing the stagnation that has prevailed since the post-festive slowdown. Prices are languishing near five-year lows, reflecting a significant supply-demand imbalance.
- Production & Inventory: While some Tier-1 producers have announced list price hikes, the market has not absorbed them due to poor trade momentum and elevated distributor inventory levels. However, one major integrated producer, JSW Steel, reported a crude steel output increase of 5% YoY in November 2025, indicating selective capacity utilization.
- Cost Headwinds: Raw material costs remain a major headwind. Coking coal prices (CFR India) rose by 3% MoM to an 11-month high of around $214/tonne in November, driven by high Chinese demand and tight winter supply. Similarly, domestic iron ore prices edged up approximately 2% MoM due to steady demand from steel mills and higher auction prices. This simultaneous rise in input costs against falling steel prices is sharply eroding producer margins.
The non-ferrous metals segment maintained its outperformance, supported by favorable global supply-side issues and strong industrial demand.
- Copper’s Strength: LME Copper (3-month) has continued its upward trend, trading well over $11,400/tonne in early December, showing a robust gain of over 2% from its November lows. This strength is underpinned by significant global supply disruptions, which reduced production by an estimated 525,000–800,000 metric tonnes in 2025.
- Aluminum Stability: LME Aluminium prices saw a slight softening in early December, currently trading around $2,860/tonne, but remain elevated, supported by supply constraints and growing demand from the packaging and transportation sectors globally.
The overall near-term outlook is mixed, favouring non-ferrous metals and integrated steel players with captive raw material sources.
- Domestic Demand: While government-led infrastructure projects (contributing up to one-third of overall steel usage) provide a crucial demand floor, construction activity is yet to fully accelerate post-monsoon, keeping overall steel demand subdued.
- Global Risks: The sector faces significant external risks, notably the looming threat of the European Union’s Carbon Border Adjustment Mechanism (CBAM), which is expected to significantly reduce Indian steel exports to the EU. Furthermore, China’s persistent steel overcapacity, projected to create a surplus of 50 million tonnes in 2025, continues to weigh on global steel pricing.
- Investment Focus: Investor focus is shifting towards integrated players like JSW Steel, who are making strategic moves toward better capital efficiency and decarbonization pathways (e.g., hydrogen utilization projects), providing a long-term structural advantage.
Overall, the Metal Sector outlook for December is characterized by near-term margin compression in the ferrous segment due to the high cost-low price environment, while the non-ferrous segment is expected to retain its pricing premium, driven by global supply-side tightness.
Banking/Finance:
The BFSI space steps into December with strong momentum after a firm November, supported by the RBI’s shift into an easing cycle, steady credit expansion, and resilient sectoral flows. The Nifty Financial Services index gained 2.6% in November even amid FII selling, while the PSU Bank index continued to outperform with improving capital ratios and balance sheet strength. Early December saw Bank Nifty touch a new high near 59,900, reinforcing institutional confidence.
The 25 bps repo cut on 5 December, taking the policy rate to 5.25%, marked the first cut of the cycle and extended the cumulative 2025 easing to 125 bps. Lending benchmarks (RLLR, MCLR) were trimmed immediately, making home and auto loans cheaper and supporting retail demand. The RBI’s macro upgrade—FY26 GDP growth revised to 7.3% and inflation lowered to 2%—adds visibility to credit expansion. Liquidity support via OMOs and a dollar–rupee swap aims to ease the tightness seen in November and accelerate transmission through December.
Credit growth stabilised at 11% YoY in October and continued at similar levels into November, while deposit growth held near 10% YoY. High-yield MSE lending rose sharply by 27% YoY, reflecting banks’ tilt toward margin-accretive segments. Sequential credit growth also improved, rising from 10.2% in September to 11.1% in October, and then to 11.4% YoY in November. Festive spending and earlier GST cuts helped drive auto, personal loan, and consumer durable credit.
Although leading banks saw NIM compression—SBI down 18 bps, HDFC Bank down 30 bps—the fall in deposit rates expected through Q4 FY26 may ease pressure. Provisioning remained elevated (up 13–14% YoY at major banks), with coverage ratios above 75%, providing a healthy buffer. PSU banks delivered strong profitability with Q2 FY26 earnings at ₹49,456 crore, up 9% YoY, while private banks maintained net NPA ratios mostly below 0.5% despite higher provisioning.
- NBFCs: Credit growth in FY25 remained strong at nearly 20%, with the sector’s balance sheet expanding 20% YoY to ₹28.2 lakh crore. Housing finance and secured MSME lending stand out as the biggest rate-cut beneficiaries. Microfinance remained under pressure with profits down nearly 95%, reinforcing the preference for diversified NBFCs.
- Insurance: Premium payments during the festive window jumped 35% YoY, supported by GST removal on health insurance and a structural protection gap. Life penetration at 2.8% of GDP vs 5.6% global indicates multi-year expansion potential.
- Mutual Funds: Industry AUM reached nearly ₹80 trillion in October, with SIP flows steady and long-term projections pointing towards ₹300 lakh crore+ AUM by FY35.
November’s ₹76,000 crore IPO pipeline absorbed primary liquidity, but December may see redistribution into secondary markets as supply normalises. FIIs sold ₹17,500 crore in November, largely absorbed by DIIs; a moderation in outflows is possible as valuations stabilise. Risks include uncertainty around the future rate path, trade tensions with the US, a potential slowdown in retail credit, and continued deposit mobilisation challenges.
With the first rate cut of the cycle in place, supportive liquidity measures, steady credit momentum, robust PSU earnings, and improving insurance and NBFC traction, the BFSI sector enters December with strong cyclical and structural support. While the market may pause after November’s gains, the combination of monetary easing, upgraded growth expectations, and healthier balance sheets frames the sector’s near-term stance as cautiously optimistic.
Important events & updates
A few important events of the last month and upcoming ones are as below:
- The RBI’s MPC cut the Repo Rate by 25 bps to 5.25%, beginning a new easing cycle while keeping a neutral stance. Citing a “Goldilocks period” with 8.2% Q2 FY26 GDP growth and soft inflation, the RBI lifted its FY26 GDP forecast to 7.3% and lowered its CPI projection to 2.0%.
- The HSBC India Manufacturing PMI slipped to 56.6 in November 2025, down from the earlier estimate of 57.4 and October’s 59.2. While it reflects the slowest expansion since February, the sector still remained comfortably above its long-run average of 54.2.
- India’s industrial output rose only 0.4% YoY in October 2025, the weakest since August 2024, weighed down by a sharp drop in electricity and mining. Fewer working days during the festival season also slowed activity, while April–October growth stood at 2.7%.
- India’s CAD narrowed to USD 12.3 bn (1.3% of GDP) in Q2 FY26 from USD 20.8 bn a year earlier, helped by stronger services and secondary income surpluses. The goods deficit was broadly stable, while the primary income gap widened. For H1 FY26, the CAD fell to USD 15 bn from USD 25.3 bn.
- The HSBC India Composite PMI stood at 59.7 in November 2025, easing from the preliminary estimate of 59.9 and October’s 60.4, and marking the lowest reading since May, though still well above the long-run average of 54.9.
- The HSBC India Services PMI was revised higher to 59.8 in November 2025, up from the preliminary estimate of 59.5 and from October’s five-month low of 58.9. The faster expansion in the services sector was supported by stronger growth in new orders.
Fundamental outlook:
India’s fundamental backdrop remains strongly supportive, with December macro indicators reaffirming the resilience of the cycle. Growth momentum is exceptional: Real GDP grew 8.2% YoY in Q2 FY26, keeping H1 growth at 8.0%, backed by strong public and private capex and an elevated 34% Investment-to-GDP ratio. Both manufacturing (9.1%) and services (9.2%) contributed meaningfully, signalling a broad-based and durable expansion.
Monetary policy has turned decisively accommodative. The RBI’s early-December 25 bps Repo Rate cut to 5.25%—enabled by exceptionally soft inflation (CPI 0.25% in October)—marks the beginning of a fresh easing cycle. The central bank’s upgraded FY26 GDP estimate of 7.3% and sharply lower CPI projection of 2.0% further reflect optimism on the macro outlook. Lower rates are expected to support credit demand, ease borrowing costs, and strengthen cyclical earnings through FY26.
Liquidity conditions remain favourable as well. The RBI’s cumulative rate cuts and CRR reductions through 2025 have ensured an accommodating system, while non-food bank credit growth continues at 10.5–11.5% YoY. Sustained front-loading of government capital expenditure provides a solid demand floor for infrastructure, core industries, and corporate earnings visibility.
However, a key fundamental risk persists: continued rupee depreciation. The INR has hovered near ₹90/USD in early December, pressuring dollar-adjusted returns and contributing to ongoing FII selling (around ₹3,765 crore in November and ₹11,820 crore in early December). A weak currency also strains import-heavy sectors and raises the risk of imported inflation, which could complicate the RBI’s easing cycle if not contained.
Overall, the fundamental outlook for December remains constructively positive, supported by strong growth, improving liquidity, and monetary easing—though currency-driven risks warrant close attention.
Technical outlook.
The technical structure remains highly constructive, with the Nifty comfortably absorbing volatility around the all-time-high zone through November and early December. The index closed November at 26,202.95 and went on to register a fresh lifetime high of 26,325 in early December. Since then, it has moved into a tight consolidation phase—an orderly pause after a swift run-up—while remaining well above key moving averages. The 21-day EMA at 25,924 continues to act as a strong dynamic support.
Institutional flows remain the most defining pillar of market resilience. FIIs were net sellers of ₹3,765 crore in November and ₹11,820 crore between 1–9 December, reflecting caution amid a firm USD and global rate uncertainty. However, this pressure was more than absorbed by aggressive DII buying of ₹77,083 crore in November and ₹19,783 crore in early December. This extends their remarkable 28-month streak of net inflows and has consistently cushioned the market at elevated valuations.
Volatility conditions also remain supportive. The India VIX eased from 11.59 at the end of November to 10.97 by 9 December, signalling strong investor confidence and orderly price action. Key resistance sits at the all-time high of 26,325, followed by 26,500 and 26,800. On the downside, crucial support is placed at 25,900–25,700, aligned with the 50-day EMA and major Put OI zones.
Overall, the December 2025 technical outlook stays bullish, backed by the start of the rate-cut cycle and powerful, sustained DII support. The structure suggests the index remains well-positioned to attempt fresh record highs.
Outlook for the Global Market
US Market:
The U.S. market enters December 2025 at a pivotal point, with price action largely dictated by the Federal Reserve’s final policy meeting of the year. Major indices, especially the S&P 500, are consolidating near all-time highs as investors await definitive forward guidance from Chair Powell and the FOMC.
Fundamentally, the month is anchored by expectations of a “hawkish cut.” Markets have already priced in an 87%–89% probability of a 25 bps rate cut, which would bring the Fed Funds Rate to 3.50%–3.75%—the third cut of 2025. The policy move is being driven by signs of labour market cooling, including the unexpected 32,000 job decline in the latest ADP data. However, inflation remains uncomfortably sticky, with Core PCE at 2.8% YoY (September), well above the Fed’s 2% target. This divergence has created a notable split within the Fed, raising the likelihood that the cut will be accompanied by cautious language, limited guidance for 2026, and possibly dissenting votes. Analysts expect the updated dot plot to signal only two cuts next year, curbing hopes of a deeper easing cycle.
The rate-cut expectations have already started driving sector rotation. Value and Core sectors outperformed through November, while Growth took a breather. Real Estate, still trading at roughly a 10% discount to fair value, stands to benefit most from easing borrowing costs. Health Care was November’s standout, climbing 9.3%, while Tech lagged with a 4.8% decline, reflecting shifting investor preferences ahead of monetary policy clarity.
Technically, the S&P 500 remains strong, holding near its peak after a modest 0.13% gain in November. Early December has seen tight consolidation, typical ahead of major Fed events. Immediate resistance sits near the 6,300 all-time high, with the potential for a “Santa Claus Rally” pushing the index toward 6,500 if the Fed leans dovish. On the downside, 6,150 serves as key support; holding this level is essential to maintaining the near-term bullish structure.
Ultimately, forward guidance remains the decisive factor. Since the 25 bps cut is already fully priced in, the market’s trajectory for the rest of December will depend entirely on Powell’s tone. A hawkish message could pressure Growth and high-valuation names, while a dovish tilt may reignite broad-based buying into year-end.
Outlook for Gold
Gold enters December 2025 hovering near record highs, supported by a powerful structural rally driven by geopolitical uncertainty and expectations of continued monetary easing. Sentiment remains bullish but highly sensitive to the outcome of the U.S. Federal Reserve meeting due later today.
Over the past month, gold has delivered exceptional price performance, with MCX prices rising nearly 7.5% between 5 November and 5 December. Global prices are consolidating just below the $4,200–$4,250 zone as traders await clarity from the Fed. The long-term trend remains firmly upward: MCX gold has gained over 400% in the last decade, translating to a 17.6% CAGR, underscoring its role as a durable long-term hedge.
Fundamentally, the backdrop remains extremely supportive. Markets expect a 25 bps rate cut from the Fed, and any further softening in U.S. real yields would be a strong tailwind for gold. Central banks continue to anchor global demand, having purchased over 1,000 tonnes for the third consecutive year—a trend that remains intact in 2025 as countries diversify reserves away from the U.S. dollar. Geopolitical tensions, elevated global debt levels, and trade uncertainties—including the recent U.S. tariff on gold bars—further reinforce gold’s safe-haven appeal. In India, seasonal festive and wedding demand amplified the November rally.
Technically, gold is in a sideways consolidation, with resistance near $4,250 per ounce and support in the $4,180–$4,200 range. Indicators reflect short-term indecision, with flattening EMAs and a neutral RSI. Since the expected Fed cut is already priced in, the real trigger will be forward guidance: a dovish signal could spark a breakout above $4,250, while a hawkish tilt may push prices below $4,180, leading to a short-term correction.
Overall, the December 2025 outlook for gold remains constructive, underpinned by structural central bank demand and the broader shift toward U.S. monetary easing—even as short-term volatility around the Fed decision is likely to be elevated.
What can Investors do?
Indian equities enter December 2025 on a broadly constructive footing, following a strong structural rally over recent months. The Nifty 50 recently touched a lifetime high of 26,325 before consolidating in the 25,700–25,900 range, which aligns with the 50-day EMA and key Put Open Interest levels. Bank Nifty has similarly stabilised around 58,500–60,100, indicating a base-building phase rather than a structural reversal.
Domestic institutional flows appear to be providing notable support. DIIs have accumulated a net ₹6,96,277 crore in 2025 and continued this trend in early December, with net purchases of approximately ₹19,783 crore offsetting FII selling of around ₹11,820 crore. This sustained domestic participation may help cushion volatility at elevated market levels. At the same time, the macro backdrop remains favourable, with Q2 FY26 GDP growth at 8.2% YoY and the RBI’s 25 bps rate cut to 5.25% reinforcing a generally supportive environment for credit and consumption.
Sector trends suggest that rate-sensitive and cyclical segments, such as Private Banks, Auto, and Real Estate, could continue to attract attention, while mid- and small-cap stocks appear more vulnerable amid ongoing valuation corrections. Over 127 high-momentum names have seen declines between 40–68% in 2025, highlighting the potential need for selective stock choices.
Risks persist, notably from rupee depreciation (near ₹90/USD) and sustained FII outflows, which could pressure dollar-denominated returns and the Banking & Financial Services segment. Given these dynamics, a gradual and selective approach can be considered, with attention to support levels in the 25,700–25,900 range and high-quality, fundamentally-backed names.
Overall, the market environment for December 2025 appears constructively positioned, supported by domestic growth, DII flows, and the RBI’s monetary stance, while near-term volatility may remain influenced by external factors and sector-specific risks. Investors might consider focusing on disciplined accumulation.
Disclaimer:
This article should not be construed as investment advice, please consult your Investment Adviser before making any sound investment decision.
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