Indian equities are ending 2021 with over 20% gains outperforming other peers in emerging markets. Despite the brutal second wave of covid and rising inflation, markets hit record highs multiple times during the year led by factors such as decline in covid cases in the second half of the year, a significant pickup in the pace of vaccination, and the consequent sharp recovery in economic activity. But now, as we head into 2022, the world’s major central banks have started prioritizing inflation control over growth acceleration. So, will liquidity tapering by global central banks in 2022 puncture the super rally in markets? What are the big market trends to watch out in 2022? What are the key risks? To discuss that, Mint's Nasrin Sultana is joined by Dhananjay Sinha, MD & Chief – Strategist, JM Financial Institutional Securities Ltd