India rally could continue next year with banks taking over as RIL peaks

Reliance has accounted for nearly a fifth of the 75 per cent surge in the S&P BSE Sensex from its March bottom

India’s record-breaking equity rally will continue next year, with banks and other stocks taking over as drivers from the nation’s largest company Reliance Industries Ltd., some fund managers say. Reliance has accounted for nearly a fifth of the 75 per cent surge in the S&P BSE Sensex from its March bottom, according to data compiled by Bloomberg. That’s about double the contribution Apple Inc. has made to gains in the S&P 500 Index over the same period. Some market watchers say Reliance’s gains may have peaked for now, prompting the search for new leaders.

The prospects for global recovery amid progress with Covid-19 vaccines has caused investors to shift focus from defensive growth stocks to cheaper economically sensitive shares. That may be particularly good news for financial stocks that have lagged in the rally that has driven the Sensex to an all-time high and propelled India’s total market value to over $2.3 trillion.

“Banking and financial stocks could have the most scope to take the market leadership,” said Mahesh Patil, co-chief investment officer at Aditya Birla Sun Life AMC Ltd. in Mumbai, which had assets under management of around $31 billion as of end-September. He also said metals stocks should perform well because China’s economy is growing again…Read More

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