India Underperforms EM In April`21 - Motilal Oswal
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INDIA UNDERPERFORMS EM IN APR’21
* Metals and Pharma – biggest gainers in Apr’21
* JSW Steel, Tata Steel post highest MoM gains in Apr’21
MARKETS AND EARNINGS
* Metals – the biggest outperforming sector in Nifty
* Value stocks make a comeback; outperforming high-P/E companies since Oct’20
* More misses than beats in on-going earnings season.
COMMODITY INFLATION
* CY21YTD: Surge in commodity prices; Oil – biggest price beneficiary; gains in Base Metals
* Gains in agro commodities; basket at highest levels since 2012
COVID-19
* Positivity rate in India above 20%
* Active cases up by more than 6x in a month
* Vaccination yet to pick up – supply challenges persist!
ECONOMY
* GST collections in Apr’21 at record highs
* E-way bills decline in Apr’21 as restrictions curb economic activity
* Power demand and railway freight remain strong; high-frequency data indicates slowdown in retail, grocery, transaction activity
VALUATIONS, FLOWS
* Market capitalization-to-GDP ratio at 10-yearhigh
* FII outflows in Apr’21 for first time since Sep’20
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