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Gold miners have significantly outperformed chip stocks this year, soaring 135% compared to 40%, driven by gold's 45% rally. This surge is fueled by central bank buying and rate cut expectations, with major miners like Fresnillo quadrupling. Despite strong performance, gold miners' valuations remain attractive at 13 times forward earnings.
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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.
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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.
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