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ICICI Securities Report
Over the past one year, the trajectory of NSE IT and Nasdaq has been similar. Both indices are down 32% from peak (NSE IT peak: 39,371 on January 04, 2022 and Nasdaq peak of 16,568 on December 27, 2021).
While NSE IT has outperformed Nasdaq in a few phases over the last one year, over time NSE IT's performance converged with Nasdaq.
We also note that the outperformance of NSE IT has typically peaked just before the result season (barring Q4 FY22 when the outperformance peaked a couple of weeks before the start of the result season) and then reversed during results.
In September 2022, NSE IT declined by ~4% compared to ~8.5% fall in Nasdaq.
Going by the result seasons of the past few quarters, the outperformance of NSE IT could reverse during the reporting of Q2 FY23 results, in our view.
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