ICICI Securities reports that defensive sectors like FMCG, IT, and healthcare have seen their market-cap share drop to a 20% low since 2011, from 30% in 2020. Their profit pool share also plummeted to 16%, while valuations remain high at 32 times P/E. Meanwhile, cyclicals' P/B ratios have surged significantly from 2020 bottoms.
Indian equity indices closed higher on Friday, recovering from early losses as stock-specific trading dominated after the RBI's dovish stance fizzled out. Midcap, smallcap, metal, and PSU bank sectors saw significant gains, with experts suggesting buying opportunities on dips towards 24,400-24,600 for Nifty.
Gold sales volume dropped by a quarter this Dussehra to 18 tonnes due to sharply higher prices, despite a 30-35% increase in sales value. Consumers are increasingly exchanging old gold, which now accounts for over half of sales, and buying gold coins or bars as investments, anticipating further price stability.
Finance Minister Nirmala Sitharaman affirmed India's economic growth is firmly anchored in robust domestic consumption, blunting external shocks. Addressing the Kautilya Economic Conclave, she emphasized India's strong resilience and evolving economic leverage, urging developing nations to be active global participants. Sitharaman detailed strategic reforms driving growth, targeting 8% annually to achieve developed nation status by 2047.
