INSTITUTIONAL EQUITY RESEARCH

Macro & Strategy

Liquidity! Liquidity! – Aiding economy and financial markets

INDIA | MACRO & STRATEGY | Monthly Dashboard

1 December 2020
PC India Index for October’20 hit its historical peak (since April’17) led by the consistent
recovery in macro activity, industrial indicators, corporate earnings, and financial markets. Anjali Verma, Research Analyst
(anverma@phillipcapital.in)
More frequently reported data for last week showed slight weakness - we remain watchful.
A few channel checks also indicated the same. We retained our FY21 GDP growth at -5%- Navaneeth Vijayan, Research Associate
7%, post Q2GDP. Due to elevated inflation, we expect RBI to stay on hold in the upcoming (nvijayan@phillipcapital.in)
monetary policy. We will be watching for RBI’s stance on recent inflation trends and
economic impact of soft lockdowns in India; they are expected to retain accommodative Manoj Rawat, Research Associate
(marawat@phillipcapital.in)
stance.

While we expected Financials (banks+NBFCs), broader market, and Indian equities to

outperform, liquidity led equity rally has been ahead of expectation. Nifty is currently
trading at 19x FY22 PE – which seems sustainable (led by sector rotations) unless there are
earnings downgrade. Nifty 50/200/500 are at their historical highs. Midcap/Smallcap index
6%/44% short of its peak.

For October 2020, PC India Index was up 2% yoy and 7% mom; key macro indicators achieved
pre-covid levels. Others are stable/ recovering.

Nifty valuations:
 Major indices like Nifty 50/100/200/500 are trading at elevated one-year forward valuations
at c.21x, up from last month’s c.20x).
 NSE Midcap 100 is trading higher at 23x, above its LTA (long-term average) of 14x.
 Auto, IT, Pharma, Realty and Services Indexes are trading above +1SD.
 Metals, FMCG and Banks are above LTA.
 Infra is above -1SD.
 Energy, Media and PSU Banks are trading below -1SD.

Nifty 50 September performance:

 In November, Nifty was up 11% mom supported by financials, contributing 72% to index
growth. HDFC Bank, HDFC, ICICI, and Kotak contributed >50% to Nifty growth – All are a part
of our portfolio.
 This was followed by Discretionary (8%, led by M&M), and Materials (6%, led by Tata Steel).
 The laggard was only Energy, contributing -5% to index growth (led by RIL).
 Bottom-15 Nifty stocks recovered vs. last month, and are now down -12% CYTD.
 Top-15 stocks are 11% above their January levels.
 Within Nifty 50, all sectors except Energy, Utilities, Staples, Healthcare and IT are at their
FYTD peak levels. Energy is trading at a 50% discount to its FYTD high.

Nifty Index weights

 Within NIFTY 50, an upward shift in weights was seen in Banks/NBFC/Metals/
Industrials/Auto by 2.6%/1.2%/0.3%/0.2%/0.1%.
 Higher reduction was seen in O&G and IT by -2.1%/-1.4%.
 Within Midcap 100, higher increases in weights were seen in NBFC – to 14.9% from 13.4% –
and in Oil & Gas to 3.7% from 3.3%.
 Weights fell the most for Healthcare (by 1.3%) followed by IT and Discretionary (by -0.4%).

Page | 1 | PHILLIPCAPITAL INDIA RESEARCH

Please see penultimate page for additional important disclosures. PhillipCapital (India) Private Limited. (“PHILLIPCAP”) is a foreign broker-dealer unregistered in the USA. PHILLIPCAP research
is prepared by research analysts who are not registered in the USA. PHILLIPCAP research is distributed in the USA pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 solely by
Rosenblatt Securities Inc, an SEC registered and FINRA-member broker-dealer.
 DASHBOARD MONTHLY UPDATE

Growth trends
 Indian Q3FY21 GDP expected at -1%: Q2FY21 GDP declined by 7.5%; it is
currently in a recovery phase from a pandemic-induced slowdown. For October
2020, IIP is expected to continue improvement (reflecting upturn in core-sector
data like coal, cement & electricity). Composite PMI for October rose further, led
by a sharp rise in manufacturing and rebound in services. Gross tax collections
registered 17% yoy growth (favourable base) vs. -16% in the previous month.
 Global Q4 2020 GDP – rebound except in EU: As per Bloomberg’s consensus
estimates, US and Japan GDP signals recovery in Q4; China’s growth should
heighten, while EU’s growth rates would worsen.
 Business growth indicators: Recovery to growth phase
o STRONG: Auto sales picked-up by 11% mom; were higher than pre-covid
levels in August. Rail freight remained strong with 15% yoy growth and
electricity/cement production registered 11%/3% yoy growth. Fuel
consumption saw a growth of 3% for the first-time since Covid-19.
o RECOVERING: Port volume inched closer to pre-covid levels.
o WEAK/STABLE: Steel production remained stable. Air traffic registered 34%
mom growth (remains in deep red).

External factors – deficit widens

 Trade deficit: Deficit widened as exports of petroleum products fall and imports
of gold surge. Exports/imports annual growth rates at -5%/-12% yoy.
 Forex: Reserves stood at US$ 561bn (up US$ 19bn mom).
 Currency: Rupee stayed stable mom. Global currencies: YEN and EUR stable while
CNY depreciated.
 Capital flows: Capital flows are expected to remain strong-decent.

Banking indicators – largely stable

 Commercial paper issuances improved by Rs 178bn and LAF by Rs 779bn mom.
 Deposit and M3 annual growth declined while bank credit remained stable. For
FYTD21, CIC, M3, and deposit growth fared well compared to last year; weakness
continued in credit growth (0% vs. 2% at the same time last year).
 Median MCLR fell by 5bps mom at 7.35%, down 148bps from its peak in February
2019.
 Spreads – Corporate: Gsec yield gap declined to 72bps vs. 78bps in September.
 Term premium – 10-year Gsec: 1-year Gsec yield gap widened to 241bps vs.
230bps in September.

Inflation and monetary policy – CPI causing concern; brent price fell
 India: CPI inched up further to 7.6%, core inflation elevated to 5.5%.
 Global: Inflation eased in US and China while EU and Japan are in the negative
zone.
 Bond yields: IND 10-year: US 10-year: Difference between India and US
government bond yields declined to 515bps vs. 533bps last month.
 Commodity prices: London MX index increased by 1% mom, while brent prices
fell by 1% mom.

Equity markets – trended higher

 India: Nifty 50 was up by 11% mom in November.
 Global: FTSE Emerging Markets Index was up by 9%, FTSE World Index was up by
12% mom. CYTD, among global indices, China/Korea/Japan/US markets have seen
a growth of 22%/20%/13%/13%. Singapore/European/Hong Kong markets were
down by -11%/-6%/-3%.
 One-year forward PE for Nifty in November inched up at 21x vs. 20x in October
2020. FTSE Emerging/World Index PE in November traded at 15.2x/19.3x vs.
14.4x/17.7x in October 2020.

Page | 2 | PHILLIPCAPITAL INDIA RESEARCH

 DASHBOARD MONTHLY UPDATE

Data for November 2020 – Manufacturing PMI strong; oil prices increase
 Forex reserves were up by US$ 15bn mom.
 Manufacturing PMI fell to 56.3 vs. 58.9 last month, however growth remains
strong.
 Composite PMI surged to 58 vs. 54.6 last month, supported by a sharp rise in
manufacturing activity and service sector.
 Improvement in CP issuances and net liquidity. INR depreciated 1% mom.
 Oil and commodity prices increased by 6% mom.
 FIIs bought heavily into equities in November with net flows at Rs 653bn vs. Rs.
145bn in October. DIIs were heavy sellers with net flows at Rs -483bn.

PC India Index continued improvement in October 2020, after remaining stable in

the previous month. The index was supported by tax collection, auto sales, forex
reserves, PMI, IIP, cement production, fuel consumption, port volumes, and
equities. The index came under pressure from foreign trade, higher inflation, and
air traffic.

PC India Index: Picked up in October 2020

Positives' Index (Net) PC India Index Negatives' Index (rhs)
1400 260
1300 250

1200 240
230
1100
220
1000
210
900
200
800 190
700 180
600 170
Apr-17

Oct-17
Dec-17

Apr-18

Oct-18
Dec-18

Apr-19

Oct-19

Oct-20
Dec-19

Apr-20
Jun-17
Aug-17

Feb-18

Jun-18
Aug-18

Feb-19

Jun-19
Aug-19

Feb-20

Jun-20
Aug-20

Source: PhillipCapital India Research

Net PC India Index (April 2017 = 100)

120

115

110

105

100

95

90

85

80
Oct-17

Oct-18

Oct-19

Oct-20
Jun-17

Feb-18

Jun-18

Feb-19

Jun-19

Feb-20

Jun-20
Aug-17

Aug-18

Aug-19

Aug-20
Apr-17

Dec-17

Apr-18

Dec-18

Apr-19

Dec-19

Apr-20

Source: PhillipCapital India Research

Page | 3 | PHILLIPCAPITAL INDIA RESEARCH

 DASHBOARD MONTHLY UPDATE

PC India Index: What is it?

We have taken into account various important domestic as well as global factors, economic and industry variables, production
indices and prices, as well as various asset classes. Weights are assigned to each variable to arrive at Positive Index, Negative
Index, and Net Index. The Positive Index is the weighted average of all the factors that are positive for India. The Negative
Index is the weighted average of all factors impacting India negatively. “Net PC India Index = Positive Index - Negative Index”.

Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
Fiscal
Gross tax collection (yoy %) -4.8 -0.7 -2.6 -19.6 7.2 13.2 -14.4 -44.3 -37.3 -22.7 -20.4 2.0 -16.2 16.9
Foreign Trade
Export (RsBn) 26.0 26.2 26.0 27.4 26.0 27.7 21.4 10.4 19.1 21.9 23.6 22.7 27.6 24.9
Import (RsBn) 36.9 38.0 38.1 38.6 41.1 37.5 31.2 17.1 22.2 21.1 28.5 29.5 30.3 33.6
Capital flows (USD bn) 10.1 9.8 11.0 5.6 16.2 5.4 -1.6 0.3 1.9 4.9 7.3 26.7 8.3 8.4
Forex Reserves (USD bn) 433.6 442.6 451.1 457.5 471.30 481.54 475.56 479.46 493.48 506.84 534.57 541.43 542.02 560.72
Industry
IIP (Index) 122.9 124.0 128.8 134.5 137.4 134.2 117.2 54.0 90.2 107.9 117.6 116.9 123.2 126.3*
Composite PMI (Index) 49.8 49.6 52.7 53.7 56.3 57.6 50.6 7.2 14.8 37.8 37.2 46.0 54.6 58.0
Cement Production (Index) 131.3 137.0 142.4 159.2 164.1 160.7 129.8 22.5 117.3 137.8 126.8 109.1 126.7 140.9
Steel Production (Index) 141.2 149.5 154.9 165.2 155.4 152.9 133.2 26.9 96.4 122.3 139.2 147.4 145.1 145.4
Banking
M3 (yoy, %) 9.7 10.6 9.8 10.4 11.2 10.2 8.8 10.7 11.7 12.3 13.2 12.6 12.2 11.6
Bank Credit (yoy,%) 8.8 8.9 8.0 7.1 8.3 7.5 6.2 6.7 6.2 6.2 6.3 5.5 5.1 5.1
Deposits (yoy, %) 9.4 10.3 9.7 10.1 11.2 10.0 7.9 9.8 10.7 11.0 12.0 10.9 10.5 10.1
Median MCLR (%) 8.5 8.4 8.3 8.3 8.3 8.2 8.2 8.0 7.9 7.7 7.6 7.5 7.4 7.4
CP Issuance (Rs Bn) 4597 4623 4584 4149 4220 4002 3445 4172 4258 3915 3748 3726 3623 3801
LAF (Rs Bn, Daily Average) 1152.1 1956.5 2383.4 2564.1 3178.0 2998.2 2966.1 4751.5 5118.4 3770.5 3611.1 3690.6 3322.0 4101.0
Consumer
Automobile Sales ('000) 1880.1 2042.3 1674.7 1285.8 1603.7 1546.3 1007.8 0.0 317.6 1126.2 1464.1 1775.6 2121.6 2364.1
Fuel Consumption (yoy %) 0.7 -2.0 8.8 0.3 0.1 4.5 -17.8 -48.7 -19.4 -9.0 -12.1 -16.0 -4.3 2.7
Air Traffic (yoy %) 1.2 4.0 11.2 2.5 2.2 9.0 -33.1 -100.0 -97.7 -83.5 -82.3 -76.0 -65.8 -57.2
Infrastructure
Electricity production (YoY %) -2.6 -12.2 -4.9 0.0 3.2 11.5 -8.2 -22.9 -14.8 -10.0 -2.4 -1.8 4.8 10.5
Port volume (YoY,%) -0.3 -5.3 -0.7 6.6 2.5 3.9 -5.0 -21.1 -23.3 -14.7 -13.3 -10.3 -2.1 -1.2
Rail Freight (YoY, %) -6.6 -8.1 0.9 4.3 2.8 6.5 -13.9 -35.3 -21.2 -7.7 -4.6 3.9 15.5 15.4
10 Year G-Sec Yields (Avg)
India 6.7 6.7 6.5 6.6 6.6 6.4 6.2 6.3 6.1 5.8 5.8 6.0 6.0 5.9
United States 1.7 1.7 1.8 1.9 1.8 1.5 0.9 0.7 0.7 0.7 0.6 0.6 0.7 0.8
European Union -0.57 -0.45 -0.33 -0.27 -0.27 -0.43 -0.52 -0.43 -0.50 -0.40 -0.46 -0.47 -0.49 -0.57
Japan -0.229 -0.166 -0.096 -0.019 -0.020 -0.062 -0.029 -0.006 -0.010 0.013 0.019 0.030 0.020 0.026
China 3.1 3.2 3.2 3.2 3.1 2.8 2.6 2.5 2.7 2.8 3.0 3.0 3.1 3.2
GDP (yoy growth rates, %)
India 4.4 4.1 4.1 4.1 3.1 3.1 3.1 -23.9 -23.9 -23.9 -7.5 -7.5 -7.5 -1.0*
United States 2.1 2.3 2.3 2.3 0.3 0.3 0.3 -9.0 -9.0 -9.0 -2.9 -2.9 -2.9 -2.7**
European Union 1.6 1.2 1.2 1.2 -2.7 -2.7 -2.7 -13.9 -13.9 -13.9 -4.3 -4.3 -4.3 -7.5**
Japan 1.7 -0.7 -0.7 -0.7 -1.8 -1.8 -1.8 -10.2 -10.2 -10.2 -5.8 -5.8 -5.8 -3.4**
China 6.0 6.0 6.0 6.0 -6.8 -6.8 -6.8 3.2 3.2 3.2 4.9 4.9 4.9 5.7**
Inflation (CPI) (yoy growth rates, %)
India 4.0 4.6 5.5 7.4 7.6 6.6 5.8 7.2 6.3 6.2 6.7 6.7 7.3 7.6
United States 1.7 1.8 2.1 2.3 2.5 2.3 1.5 0.3 0.1 0.6 1.0 1.3 1.4 1.2
European Union 0.8 0.7 1.0 1.3 1.4 1.2 0.7 0.3 0.1 0.3 0.4 -0.2 -0.3 -0.3
Japan 0.2 0.2 0.5 0.8 0.7 0.4 0.4 0.1 0.1 0.1 0.3 0.2 0.0 -0.4
China 3.0 3.8 4.5 4.5 5.4 5.2 4.3 3.3 2.4 2.5 2.7 2.4 1.7 0.5
Unemployment Rate
United States 3.5 3.6 3.5 3.5 3.6 3.5 4.4 14.7 13.3 11.1 10.2 8.4 7.9 6.9
European Union 6.6 6.6 6.6 6.5 6.6 6.5 6.5 6.7 6.9 7.2 7.4 7.5 7.5 7.6*
Currency (vs. USD)
Indian Rupee 71.4 71.1 71.5 71.2 71.3 71.5 74.4 76.2 75.7 75.7 75.0 74.6 73.5 73.5
Euro 1.10 1.11 1.10 1.11 1.11 1.09 1.11 1.09 1.09 1.13 1.15 1.18 1.18 1.18
Yen 107.5 108.2 108.9 109.1 109.3 110.0 107.7 107.8 107.2 107.6 106.7 106.1 105.6 105.2
Yuan Renminbi 7.1 7.1 7.0 7.0 6.9 7.0 7.0 7.1 7.1 7.1 7.0 6.9 6.8 6.7
Global Commodity Prices
London MX Index 2809 2805 2796 2813 2810 2649 2445 2361 2421 2610 2824 2940 2999 3023
Brent ($/bbl) 62.3 59.6 62.7 65.2 63.7 55.5 33.7 26.6 32.4 40.8 43.2 45.0 41.9 41.5
Indices
Nifty50 11474 11877 12056 12168 11962 11202 8598 9860 9580 10302 11073 11388 11248 11642
FTSE Emerging Markets Index 502 523 524 559 534 506 422 460 464 496 537 549 537 549
FTSE World Index 344 353 361 373 369 338 292 322 336 346 363 385 372 363
Positives' Index 1192 1254 1264 1244 1265 1193 945 1049 1073 1115 1177 1217 1208 1282
Negatives' Index 211 210 211 213 212 200 183 176 181 194 209 217 220 222
(Net) PC India Index 981 1043 1054 1032 1053 993 762 873 892 920 968 1000 988 1059
Source: RBI, CSO, PPAC, SIAM, Various Ministries, Bloomberg *Our estimate **Bloomberg consensus estimate; Quarterly reported data is assumed stable for three months

Page | 4 | PHILLIPCAPITAL INDIA RESEARCH

 DASHBOARD MONTHLY UPDATE

FYTD growth trends (until 31st October of respective years, %)

Currency in circulation (%) M3 (%)
25 6.0

20 5.0

4.0
15

3.0
10
2.0
5
1.0

0 0.0
FYTD '16 FYTD '17 FYTD '18 FYTD '19 FYTD '20 FYTD '21 FYTD '16 FYTD '17 FYTD '18 FYTD '19 FYTD '20 FYTD '21

Deposit rate (%) Credit growth (%)

4.5 7
4.0 6
3.5 5
3.0 4
2.5 3
2.0 2
1.5 1
1.0 0
0.5 -1
0.0 -2
FYTD '16 FYTD '17 FYTD '18 FYTD '19 FYTD '20 FYTD '21 FYTD '16 FYTD '17 FYTD '18 FYTD '19 FYTD '20 FYTD '21

Source: RBI, PhillipCapital India Research

Page | 5 | PHILLIPCAPITAL INDIA RESEARCH

 DASHBOARD MONTHLY UPDATE

Nifty 50: Sector-wise return Contribution to Nifty-50 growth (mom)

72%
100% MoM(%)
85% 35%
FYTD(%)
75%
80% 66% 66% 63%
59% 57%
60% 49% 20%

40% 8%
22% 6% 6%
23% 19% 10% 8% 4% 3%
20% 13% 12% 5% 2% 2% 2%
5% 8% 7% 8% 11%
2%
0%
-4% -10% -5%
-20%

Financials have been dragging the Nifty since CYTD FYTD, sector-wise high, low, and current value in Nifty
130 Nifty Nifty (ex-fin.)
210
120 High-and-Low Current
190
110 High
170
100
150
90 130

80 110

70 90

60
01/Feb/20

01/May/20

01/Sep/20
01/Jun/20
01/Jan/20

01/Mar/20

01/Apr/20

01/Nov/20
01/Jul/20

01/Oct/20
01/Aug/20

Low

Sectoral indices return Nifty top-15 cos. have outperformed bottom-15 cos.
Nifty 50 Nifty top 15
100%
MoM(%) FYTD(%) Nifty bottom 15
120
80%
110

60% 100
90
40% 80
70
20%
60
0% 50
NSEIT Index
NSEMET Index

NIFTY Index

NSENRG Index

NSEFMCG Index
NSEAUTO Index

NSEPHRM Index

NSESRV Index

NSE500 Index

NSE200 Index

NSE100 Index

NSEREAL Index
NSEMCAP Index

NSEBANK Index

NSEINFR Index
NSESMCP Index

40
09/Feb/20
22/Feb/20

04/Sep/20
17/Sep/20
30/Sep/20
06/Mar/20
19/Mar/20

10/May/20
23/May/20
05/Jun/20
18/Jun/20
01/Jul/20
14/Jul/20
27/Jul/20

13/Oct/20
26/Oct/20
01/Jan/20
14/Jan/20
27/Jan/20

01/Apr/20
14/Apr/20
27/Apr/20

08/Nov/20
21/Nov/20
09/Aug/20
22/Aug/20

Source: Bloomberg, PhillipCapital India Research

Page | 6 | PHILLIPCAPITAL INDIA RESEARCH

 DASHBOARD MONTHLY UPDATE

One-year rolling forward PE: Highs, lows, and current value FII and DII monthly net flows
800 Net DII flows (Rs. bn) Net FII flows (Rs. bn)
40 653
35 High-and-Low Current
600
30
400
25
20 200
15
-
10
5 (200)
-
(400)

Nifty IT
Nifty Energy

Nifty FMCG
Nifty 50

NIFTY Midcap 100

NIFTY Smallcap 100

Nifty Services Sector

Nifty Auto

Nifty Metal

Nifty Bank
Nifty 100

Nifty 200

Nifty 500

Nifty Realty

Nifty Infrastructure

Nifty Pharma
(600) (483)

(800)

Jan/20
Aug/19

Oct/19

Mar/20

Oct/20
Nov/19

Apr/20

May/20

Jul/20

Aug/20

Nov/20
Sep/19

Feb/20

Jun/20

Sep/20
Dec/19
Nifty 50, Nifty Midcap 100, and Nifty Smallcap 100 Global indices: CYTD return
Nifty Index NSEMCAP Index
22,000 NSESMCP Index
20,000 Straits Times Index STI-11%

18,000 Euro Stoxx 50 Pr -6%

16,000
14,000 HANG SENG CHINA ENT INDX -3%

12,000 Nifty 50 6%
10,000
8,000 S&P 500 INDEX 13%
6,000
NIKKEI 225 13%
4,000
2,000 KOSPI INDEX 20%
2-Feb-20

17-Apr-20

17-May-20

15-Aug-20
30-Aug-20

14-Oct-20
29-Oct-20
13-Nov-20
1-Jun-20
16-Jun-20
3-Jan-20

17-Feb-20
3-Mar-20

14-Sep-20
29-Sep-20
18-Jan-20

18-Mar-20

1-Jul-20
16-Jul-20
31-Jul-20
2-Apr-20

2-May-20

CSI 300 INDEX 22%

-15% -10% -5% 0% 5% 10% 15% 20% 25%

Source: Bloomberg, PhillipCapital India Research

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 DASHBOARD MONTHLY UPDATE

Nifty valuation charts

24 12M Fwd Nifty PE 4.2 12M Fwd Nifty PB

22
3.7
20
Mean + 1SD
18 3.2
Mean + 1SD
16
2.7 Mean
14 Mean

12 Mean -1SD 2.2

10 Mean -1SD
1.7
8

6 1.2
Jul/05 Aug/07 Sep/09 Oct/11 Dec/13 Jan/16 Feb/18 Mar/20 Jul/05 Aug/07 Sep/09 Oct/11 Dec/13 Jan/16 Feb/18 Mar/20
4.0
30 12M Fwd Midcap PE 12M Fwd Midcap PB
3.5

25 3.0

2.5 Mean + 1SD

20 Mean + 1SD
2.0

15 1.5 Mean
Mean
1.0 Mean -1SD
10
Mean -1SD
0.5

5 0.0
Feb/06 Feb/08 Feb/10 Feb/12 Feb/14 Feb/16 Mar/18 Mar/20 Feb/06 Feb/08 Feb/10 Feb/12 Feb/14 Feb/16 Mar/18 Mar/20

21 12M Fwd Small Cap PE 2.5 NSE Small Cap PB

19 2.3
2.1
17
Mean + 1SD 1.9 Mean + 1SD
15 1.7
13 Mean 1.5
Mean
11 1.3
1.1
9 Mean -1SD
0.9 Mean -1SD
7 0.7
5 0.5
Nov/11 Dec/13 Jan/16 Feb/18 Mar/20 Nov/11 Dec/13 Jan/16 Feb/18 Mar/20
Source: Bloomberg, PhillipCapital India Research

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 DASHBOARD MONTHLY UPDATE

Nifty indices: Auto, IT, Pharma, Realty and Services Indexes are trading above +1SD.
Metals, FMCG and Banks above LTA. Infra above -1SD. Energy, Media and PSU Banks
are trading below -1SD.

Nifty sectoral indices

38
Autos 12m fwd PE 25 Banks 12m fwd PE

33
20 + 1SD
28
LPA
15
23
-1SD
+ 1SD
10 -1SD
18
LPA
5
13
-1SD
8 0
Nov/11 Dec/13 Jan/16 Feb/18 Mar/20

40 FMCG 12m fwd PE 28 IT 12m fwd PE

26
35 24
+ 1SD
22
30 LPA
LPA 20 + 1SD
18 LPA
25 -1SD
16
14 -1SD
20
12
10
15
Dec/09 Feb/12 Apr/14 Jun/16 Sep/18 Nov/20

35 Pharma 12m fwd PE 25 PSU Banks 12m fwd PE

30 20

+ 1SD
25 15
+ 1SD + 1SD
LPA LPA
20 10 LPA
-1SD -1SD
15 5

10 0
Dec/09 Feb/12 Apr/14 Jun/16 Sep/18 Nov/20
Source: Bloomberg, PhillipCapital India Research

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 DASHBOARD MONTHLY UPDATE

Nifty sectoral indices

20
Realty 12m fwd PE Metals 12m fwd PE
39
18
34
16
29
14
24 + 1SD + 1SD + 1SD
12
19 LPA
LPA 10
14
8
-1SD
9
-1SD 6
4 4
Feb/11 May/13 Aug/15 Nov/17 Mar/20 Nov/11 Dec/13 Jan/16 Feb/18 Mar/20

26 Infra 12m fwd PE 40 Media 12m fwd PE

24 35
22 + 1SD
30 + 1SD
+ 1SD
20 25 LPA
18 LPA
20
16 15 -1SD

14 -1SD 10
12 5
10
0
8 Nov/11 Dec/13 Jan/16 Feb/18 Mar/20
Dec/09 Feb/12 Apr/14 Jun/16 Sep/18 Nov/20

16 Energy 12m fwd PE 30 Service Sector 12m fwd PE

15 28

14 26

13 24
+ 1SD
12 22
LPA
11 20
+ 1SD
10 18
-1SD LPA
9 16

8 14
-1SD
7 12

6 10
Jan/09 Apr/11 Jun/13 Sep/15 Dec/17 Mar/20 Jul/10 Dec/12 May/15 Oct/17 Mar/20

Source: Bloomberg, PhillipCapital India Research

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 DASHBOARD MONTHLY UPDATE

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Sr. no. Particulars Yes/No

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 DASHBOARD MONTHLY UPDATE

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 DASHBOARD MONTHLY UPDATE

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