India Strategy - The Eagle Eye : Markets pause amidst rising Omicron concerns - Motilal Oswal
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The Eagle Eye (Markets pause amidst rising Omicron concerns)
In our Dec’21 edition of ‘The Eagle Eye’, we highlight: a) divergence in the performance of companies post listing, b) Bank Nifty’ underperformance and its correlation to months of heavy FII selling, and d) commodity prices take a breather, while bond yields soften globally as the new COVID-19 variant ‘Omicron’ raises uncertainty.
* Global equity markets decline in Nov’21 on the back of Fed tapering and concerns emerging from Omicron.
* Commodity prices have declined, while global bond yields are off their highs as Omicron drives risk-off.
* Average daily cash volumes declined by 18% MoM to INR718b in Nov’21.
* Performance of companies post listing has been divergent, even as INR1,240b has been raised in CY21 so far – the highest in any year.
* Out of 10 occasions of highest monthly FII net outflows since CY10, the Bank Nifty has underperformed the Nifty seven out of 10 times.
* Nifty excluding BFSI has outperformed the Nifty by 14pp since Feb’20. Export/commodities have outperformed the Nifty since Dec’19, while domestic focused indices have underperformed.
* Our research team has released several interesting thematic reports in Nov’21. We have highlighted some of these – Angel One initiation, Public sector banks and Reliance – in our presentation.
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