Actively-managed large-cap mutual fund (MF) schemes have managed to regain some lost sheen this year after faring poorly in the 2022 calendar year (CY22). At the end of the first six months (H1) of CY23, 78 per cent of the active large-cap schemes were ahead of the Nifty50 index funds as against just 26 per cent in 2022. When compared to the Sensex index funds, 61 per cent active funds have delivered better returns, shows an analysis of Value Research data.
Valuations are much higher than the consensus earnings expectations warrant and also much too high in historical terms, says Devangshu Datta.
Seven consecutive sessions of decline in the equity market has eroded the wealth of investors by a whopping Rs 10.42 lakh crore and the benchmark Sensex has tumbled more than 2,000 points during this period. Concerns over more rate hikes by developed economies, weak global equity markets and fresh foreign fund outflows from the domestic market have dented investor sentiments. On Monday, the BSE Sensex dropped 175.58 points or 0.30 per cent to end at 59,288.35 points, marking a decline for seven straight trading sessions.
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
Mahindra and Mahindra was the top gainer in the Sensex pack, surging over 16 per cent, followed by Maruti, Titan, Bajaj Finance, HDFC, Bajaj Auto and Hero MotoCorp. On the other hand, HUL, Tech Mahindra, IndusInd Bank and Nestle were the laggards.
Broader markets outperformed with BSE Midcap and BSE Smallcap adding 0.23% and 0.45%, respectively
Markets ended in red, index heavyweights drag.
The S&P BSE Sensex ended the day at 28,226, up 85 points, while the Nifty50 settled at 8,734, up 18 points.
The breadth, indicating strength of the market was strong
The Sensex has slid 18.5 per cent from its January 2015 peak.
BSE Healthcare, Oil & Gas, Consumer Durable, TECk, Power and Metal indices declined between 0.5-1%.
Sensex,Nifty to remain under pressure through the week.
These are companies with a strong track record and good prospects on earnings.
'We never go overboard on any stock, no matter how good it may seem.'
Broader markets broke the winning streak and ended lower, underperforming the benchmark indices
Portfolio returns, say analysts at Morgan Stanley, are more likely to be driven by bottom-up stock-picking rather than top-down macro forces.
The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
Nifty ends above 8,400; TCS, HDFC surge 2%, Bajaj Auto dips 2%.
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