Industrials, Realty, Tech, Chemicals Dominate Upgrades In Upcoming AMFI Size Classification: ICICI Securities
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ICICI Securities Report
Based on the data available since July 2021 till now and assuming prices will not deviate significantly from current levels during the rest of December 2021, we observe the following trends:
Market depth in terms of market capitalisation threshold of mid and small caps continues to rise:
Small cap upper threshold for market capitalisation breaches the previous high seen in February 2018 to reach $2.1 billion while for mid-cap stocks it reaches $6.3 billion.
Upgrades from mid to large cap category and from small to mid-cap category are primarily from industrials, real estate, technology and chemicals. Stocks with significant mutual fund holdings with size allocation strategy may require adjustments.
Downgrades from large to mid-cap category and from mid to small-cap category are primarily from pharma, auto ancillaries, financials and consumption space.
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