- Indian rupee pulled off lows by suspected RBI interventionIndian rupee down 24 paise against dollar in early tradeBSE Sensex extends fall, Punjab National Bank shares dip after weak resultsIndian rupee, US Fed taper drags BSE Sensex down to worst week in over 3 mths, HDFC, RIL, shares hit
last decade, the study shows.
The performance in the current rally vis-a-vis the previous rally also shows a huge divergence in sector performance, the study said.
Technology stocks have led the current rally with y-t-d returns of 49%, followed by telecom (35%), healthcare (20%) and consumer (15%). In the previous rally (November 2010), consumer staples and healthcare stocks led the rally with 83% and 45% returns.
“Automobiles, healthcare and technology sectors are at attractive valuations relative to historic averages...Cyclicals are at discount. Global cyclicals are a huge discount to markets,” stated the study.
Public sector banks are at 46% discount to historical P/B and 74% discount to market P/B.