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Motilal Oswal Report
Over the last seven years (CY16-CY22), Nifty has consecutively delivered positive returns despite a multitude of disruptions (Demonetisation, goods and services tax, Covid-19, etc.) along the way.
The Nifty-50 delivered a ~14% compound annual growth rate (up 2.2 times) during the period. The last such rally was seen way back in CY02-07, when the benchmark rallied for six consecutive years clocking a CAGR of 41% (up 5.6 times).
Notably, even though the index was up for seven years in a row, there are only two sectors – oil and gas and financials, which have delivered positive returns in all these seven years.
Only two of the Nifty-50 stocks, Reliance Industries Ltd., and HDFC Bank Ltd. have delivered positive returns in each of these seven years. However, none of these stocks has outperformed the benchmark in all these seven years.
Four stocks have outperformed Nifty-50 in six out of seven years – Reliance Industries, Bajaj Finance Ltd., Adani Enterprises Ltd., and JSW Steel Ltd. Coal India Ltd. has underperformed Nifty-50 in six out of seven years, while five stocks Bharat Petroleum Corporation Ltd., Cipla Ltd., Dr Reddy's Laboratories Ltd., Oil and Natural Gas Corporation Ltd., and Tata Motors Ltd. have underperformed in five out of seven years.
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