Q2 FY22 Equity Market Outlook: IDFC AMC
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IDFC AMC Research Report
Global markets have done extremely well since the bottom of March 2020. Indian markets have done even better and are now one of the best-performing markets globally both from the bottom and even pre-pandemic levels
Within India, small caps and cyclicals have outperformed from the bottom of the market, but on a longer-term basis, these segments underperform; despite strong cyclical earnings rebound in the last five quarters
From FY08-20, the share of stable sectors in BSE200 profit after tax has gone up continuously and so has the market cap share of these sectors. Starting FY21, over the next two to three years cyclical earnings are expected to grow faster and hence take a higher share of profit after tax. Will this result in a reversal in fortunes for cyclical sector returns?
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