Of the 15 sectoral indices tracked on the BSE, only seven have delivered positive returns over the past year. Picking up underperforming stocks now may be better than going for multibaggers.
Not only between industries, even within an industry there are pockets of boom and gloom. The K-shaped recovery of the economy can impact consumption going ahead.
Kotak Institutional Equities feels that the earnings from UltraTech Cement reflected the trend for the cement sector in the quarter. It is cautious on the stock given the downside risk of valuations and estimates.