Bulls & Bears - India Valuation Handbook; Top Picks For Large, Mid And SmallCap Stocks: Motilal Oswal

Motilal Oswal Report

The Nifty touched a fresh high of 18,816, ending 4.1% higher month-on-month 18,758 in November 2022. The Nifty is up ~8% year-to-date on the back of strong foreign institutional investor inflows, a global recovery, and a moderation in some commodity prices.

FIIs recorded inflows for the second consecutive month at $4.7 billion. Dometic institutional investors turned sellers at $0.8 billion in Nov-22.

Midcaps and smallcaps underperformed largecaps by 2.2%/1.1% in Nov-22. Over the last 12 months, largecaps/midcaps have risen by 10%/8%, while smallcaps have declined by 6%.

Corporate earnings in Q2 FY23 came in better than our estimates, despite several headwinds, with financials leading once again. Earnings spread was decent, with 66% of our universe either meeting or exceeding profit expectations. The market has bounced back smartly in the last two months, wiping out the entire decline year-to-date.

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