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Motilal Oswal Report
Despite a multitude of headwinds e.g., adverse macros, rising rates, tightening liquidity and volatile commodity costs, the Nifty has outperformed global markets year-to-date-CY22.
As we look ahead, we note that commodity costs have corrected over the last few weeks, offering some respite to the adverse macros. Further, global bond yields have moderated from their recent highs and earnings estimates for the Nifty stocks have not seen any worthwhile cuts.
As the benefit of the recent moderation in commodity costs start accruing in H2 FY23E, we expect other sectors to contribute too. Markets have bounced back smartly in July 2022 with Nifty-50 rising 9% month-on-month and almost wiping out the entire YTD'CY22 decline.
Nifty is now flat for YTD'CY22 and strongly outperforming the global markets despite the sharp FII selling witnessed during October 2021-June-2022.
FIIs recorded inflows of $0.8 billion in July-2022 after nine consecutive months of outflows worth $33.3 billion; YTD'22 outflows stood at $25.9 billion.
As the first earnings season of FY23 culminates soon, we examine the marquee benchmark from a consensus perspective and gauge the popularity of the same.
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