Bulls And Bears - India Valuation Handbook; Top Picks For Large, Mid And SmallCap Stocks: Motilal Oswal

Motilal Oswal Report

The Nifty gained 2.6% month-on-month to 18,534 in May 2023, closing higher for the third consecutive month. The Nifty is up 2.4% in CY23 year-to-date. The benchmark is now 1.9% away from its all-time high of 18,888 recorded in December 2022. The Nifty Midcap 100 (up 6.2% month-on-month) and the Nifty Smallcap 100 (up 5.1%) outperformed the Nifty-50 during the month.

Foreign Institutional Investors remained net buyers for the third straight month at $5 billion in May 2023 (highest since September 2022); year-to-date inflows stood at $4.4 billion. Domestic institutional investors turned net seller in May 2023 at $0.4 billion, with YTD inflows at $10 billion.

Automobiles (up 8%), real estate (up 8%), consumer (up 7%), technology (up 6%), and telecom (up 4%) were the top gainers, while public sector banks (down 3%) was the only laggard.

Among the key global markets, Japan (up 7%), Taiwan (up 6%), Brazil (up 4%), Korea (up 3%), India (up 3%), Russia (up 2%), and the U.S. (up 0%) ended higher in May 2023, while the UK (down 5%), Indonesia (down 4%), China (down 4%), and MSCI EM (down 2%) ended lower in local currency terms.

Global market cap declined 2.9% ($3 trillion) over the last 12 months, while India’s market cap rose 2.7%. Barring India and Japan, all key global markets witnessed a decline in market cap over the last 12 months.

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