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Motilal Oswal Report
The Nifty continued to reach new highs (18,604) in October 2021. The index oscillated ~1150 points before closing 54 points (or 0.3%) higher month-on-month at 17,672.
The Nifty is up 26% in CY21 year-to-date. The increase in volatility was on the back of weak global cues, stretched valuations, and foreign institutional investors turning net sellers.
FII outflows of $2.3 billion were seen after two consecutive months of inflows.
Domestic institutional investors saw inflows for the eighth consecutive month of $0.6 billion.
In the last 12 months, midcaps have risen 79% (versus a 52% rise for the Nifty). In the last five years, midcaps have underperformed by 14%. In price/earnings terms, the Nifty midcap 100 is trading at a 14% premium to the Nifty.
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