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For the first time since 2017, India’s Nifty 50 trades at a premium to the MSCI India Index on one-year forward P/E valuations.
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The ongoing momentum in Indian stocks is likely to take Sensex past 1,00,000 mark 'probably by end of the year', provided measures by capital market regulator do not become a dampener, Mobius said.
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According to Nuvama estimates, out of the 7 stocks - Dixon Tech will see the maximum inflows worth $313 million, followed by Vodafone Idea at $285 million
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While both indices are constructed using the free float market capitalisation method, the MSCI India Index applies a special adjustment called the Foreign Inclusion Factor (FIF) and foreign room
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All changes will be implemented as of the close of May 31, 2022. The MSCI India domestic SmallCap Index also added 50 small-cap firms to the index and removed 10 firms, MSCI said on Friday in its Semi-Annual Index Review.
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The March quarter results suggest earnings recovery gathering pace while overall MSCI India 4Q results came largely in-line with consensus.
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Havells India, M&M Financial Services, Petronet LNG, Piramal Enterprises and UPL are among the six companies to be added to the MSCI India domestic index.
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For India, every time the premium rises to above 50 percent, it has tended to underperform & year-to-date, she says. MSCI India has underperformed by 5.8 percent.
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Siva believes there is more room for underperformance, as investors have been 'hiding' in India and the Philippines.
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Siva says India's 2015 consensus EPS downgrades of 17 percent are double the regions. "India's current ROE is 13.8 percent but implied ROE is 19.1 percent, we reiterate underweight call on India," she adds.
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Looking at the MSCI India (USD) against MSCI Asia-Pacific ex-Japan, it is worth noting the market has traced out a short-term double top pattern which sets India up for a period of underperformance against region in coming weeks, says Balanco.
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Sakthi Siva, Credit Suisse believes there is more room for underperformance, as investors have been 'hiding' in India and the Philippines.
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Laurence Balanco of CLSA says after underperforming the MSCI World since early September, the MSCI emerging market is attempting to form a double bottom pattern in relative terms. He also says MSCI India on an average has delivered 8 percent returns in December to February period historically.
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MSCI Index gives high weightage to investible surplus and float, says Deborah Yang, Head of Index Business, EMEA & India Region, MSCI.
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The report estimates MSCI India to trade at 16.5 times 12-month forward earnings against a long-term average of 15 times. This makes the domestic equities to be the second most expensive in Asia ex-Japan after the Philippines.
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Raman Aylur Subramanian, executive director- Index Research at MSCI discusses the changes made at the MSCI's semi-annual review.
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P Lilladher has come out with its report on "India strategy & top ideas". The research firm expects the market to trade in a band between 5600-6200. A large current account deficit would act as a drag on the currency limiting RBI‘s ability to reduce interest rates aggressively & this may act as a headwind for the equity markets, the report said.
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CRISIL and ICRA, two leading rating agencies have accredited its highest-credit quality ratings to Reliance Capital’s short-term debt programmes.
