India outperforms Emerging Markets in September 21 : Motilal Oswal Financial Services
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In this version of ‘The Eagle Eye’, Motilal Oswal Financial Services highlight (a) Return of old economy stocks- utilities, O&G, coal etc. showing outperformance in Sep’21 b) Sensex’s swift climb from 50K to 60K in 158 trading days, c) The divergence in 3 year rolling returns in the NSE 500 constituents, d) Pickup in the real estate economy after eons and e) India’s current account surplus in 1QFY22 and high frequency indicators suggesting sharp macro-economic recovery.
Key Highlights of the report:-
* ndia continues to outperform the global and Emerging Markets (EM) peers. Sensex hit a milestone of 60K in Sep’21 and took just 158 days to move from 50K to 60K.
* Institutional turnover reached an all-time high of INR7.2t in Sep’21.
* Nifty created new all-time highs on 48 trading days in CY21. With three months still to go, it has a good shot at crossing the previous record of CY14 when it hit new highs on 55 days in a calendar year.
* 145 companies among the NSE-500 companies have seen a three-year CAGR returns of >30%, while 76 companies have declined over this period.
* Macro Trends- Government gross receipts as % of BE at multi-year high while fiscal deficit is at multi-year lows. This augurs well for fiscal spending in 2HFY22 which in-turn can help sustain the recovery.
* Active COVID-19 cases declined below 282k in Sep’21, with the vaccination pace picking up to 7.9m/day in Sep’21 v/s 6.1m/day in Aug’21
* Our Research Team has released several interesting thematic reports in August’21. We have highlighted some of these in the presentation – initiation APL Apollo Tubes, deep-dives in Nykaa and Paytm DRHP.
Sensex’s swift climb from 50K to 60K in 158 trading days
Nifty created new all-time highs on 48 trading days in CY21
145 companies see 3yr CAGR >30%; 76 companies decline
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