BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
The Nifty ended 3% lower month-on-month at 16,585 in May 2022 – the second consecutive month of a decline. However, Nifty has remained resilient in CY22 year-to-date despite multiple headwinds.
Russia (down 7%), India (down 3%), and Indonesia (down 1%) ended lower in local currency terms though China (up 5%), Brazil (up 3%), Japan (up 2%), Taiwan (up 1%), and the UK (up 1%) closed higher. Over the last 12 months, MSCI India (up 7%) has outperformed MSCI emerging market (down 22%). In price/earning terms, MSCI India is trading at an 87% premium to MSCI EM, above its historical average of 61%.
Foreign institutional investors recorded the eighth consecutive month of outflows at $4.9 billion. However, the outflows were more than offset by material domestic institutional investor inflows. In May-2022, DIIs posted the highest inflows since March 2020 at $6.1 billion.
Our universe earnings grew notably at 21% YoY, which came on a high base of 99% growth in Q4 FY21. However, growth was hardly broad-based and led only by three sectors (banking, financial services and insurance/oil and gas/ metals).
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