Says India's 'superior' earnings growth appears to be priced in, sees 'modest' contraction in P/E multiples going ahead; stay overweight on banks, insurers, and investment cyclicals
India's National Stock Exchange (NSE) will add Adani Enterprises, the flagship company of Indian coal-to-edible-oils conglomerate Adani Group, to its benchmark Nifty 50 index effective Sept 30
In the past one month, the BSE Sensex and the NSE Nifty, shed over 6 per cent each, while crude oil prices soared to an eight-year high at almost $96 a barrel, up nearly 12 per cent.
Profits at NSE Nifty 50 Index members fell about 15% last quarter from the same period last year, the worst drop since at least 2014, according to Bloomberg-compiled data.