Jefferies on Indian market- Nifty outperforms Emerging Markets, Asia ex-Japan
时间:2024-06-02 06:56:05 阅读(143)
The Nifty advanced 0.1% over the past week to outperform the Emerging Markets (EM) Index and the Asia-Japan (AxJ) Index. According to Jefferies’ report, Nifty outshines the EM Index by 181 basis points and the AxJ index by 102 basis points. Realty and IT emerged as the top-performing sector for the Nifty, while Telecom and Utilities lagged behind.
Meanwhile, the Indian Rupee witnessed a depreciation of 0.2% against the US Dollar week-over-week. Ten-year government bond yields surged 13 bps to 7.35% over-week, whereas Jefferies India Model Portfolio underperformed MSCI India by 51bps during the same period.
Foreign Portfolio Investment in October fell sharply to $ 580 million in equities, indicating a withdrawal of money from the Indian market, whereas the FPI net flows in the debt instruments surged to $110 billion, suggesting an increase in interest in relatively safer securities.
Jefferies India Model PortfolioFinancialsJefferies took an ‘Overweight’ stance on the sector indicating a bullish sentiment. Jefferies allocated 7.1% weightage to Axis Bank, 8.5% to ICICI Bank, 2.8% to HDFC Bank, 4.7% to SBI, 2.1% to IndusInd Bank, 3.3% to Bajaj Finance and 2.6% to Cholamandalam Fin.
ITJefferies took an ‘Underweight’ stance on the sector indicating a bearish sentiment. Jefferies allocated 6.8% weightage to Infosys and 2.6% to TCS.
EnergyJefferies took an ‘Underweight’ stance on the sector indicating a bearish sentiment and allocated 5.9% weightage to Reliance Industries.
TelecomJefferies took an ‘Overweight’ stance on the sector indicating a bullish sentiment and allocated 4.1% weightage to Bharti Airtel.
Consumer StaplesJefferies took an ‘Underweight’ stance on the sector indicating a bearish sentiment. Jefferies allocated 2% weightage to Godrej Consumer, 2.5% to Marico and 3% to ITC.
Consumer DiscJefferies took an ‘Underweight’ stance on the sector indicating a bearish sentiment. Jefferies allocated 2.4% to Maruti Suzuki India, 2.9% to Tata Motors and 4.9% to TVS Motors.
MaterialJefferies took an ‘Overweight’ stance on the sector indicating a bullish sentiment. Jefferies allocated 2.9% weightage to Tata Steel, 2.6% to HindalCo and 2.6% to UltraTech Cement.
HealthcareJefferies remained Neutral on the sector and allocated 3.2% weightage to Max Healthcare and 2.2% to Sun Pharmaceuticals.
IndustrialsJefferies took an ‘Overweight’ stance on the sector indicating a bullish sentiment. Jefferies allocated 5.6% to Larsen & Toubro and 2.9% to Kajaria Ceramics.
UtilitiesJefferies took an ‘Overweight’ stance on the sector indicating a bullish sentiment. Jefferies allocated 2.4% weightage to Power Grid Corporation and 2.6% to JSW Energy.
Real EstateJefferies took an ‘Overweight’ stance on the sector indicating a bullish sentiment. Jefferies allocated 0.9% weightage to Godrej Properties and 1% to Macrotech Developers.
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