India Strategy - The Eagle Eye BY Motilal Oswal
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The Eagle Eye (Global correction amidst rising yields)
In our Feb'22 edition of 'The Eagle Eye', we highlight: a) a broad-based sell-off in the markets has led to 37% of NSE500 companies declining between 20-65% from 52-week highs; b) globally, bonds with negative yields have declined from USD18.4t in Dec'20 to USD4.9t in Jan'22; and c) FII stake in NSE-500 has declined to six-quarter lows.
* The global equity markets sold off in Jan'22, while India remained flat
* 37% of NSE500 constituents declined 20-65% from 52-week highs as yields increased
* Policy rates in EMs were up 70bps on an aggregate basis, while they were up 20bps in the Developed Markets
* Union Budget - There was a second consecutive year of gains on Budget Day as the government focused on growth and capex
* Average daily cash volumes were up 20% MoM to INR695b in Jan'22
* The total spending is budgeted to grow just 4.6% YoY in FY23E, as the total spending as % of GDP is expected to be 15.3%.
* Our research team has released several interesting thematic reports in Jan'22. We have highlighted some of these
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