The equity market made a bottom on June 17 this year when benchmark BSE Sensex closed at 51,360.42. The indices have rebounded since then and Sensex has zoomed 13.4 per cent to 58,222.1 as on October 6, 2022. Similarly, Nifty 50 index climbed 13.3 per cent from 15,293.5 to 17331.8.
However, there are some sectoral indices that have significantly outperformed the overall market while some have have underperformed the benchmarks during the period.
The data available with corporate database Ace Equity show that BSE Capital Goods index has posted a 27.7 per cent rise to 32,231.6 (October 6) from 25,230.7 (June 17). It was followed by BSE Power index which climbed 24.4 per cent to 4,778.8 from 3,840.7. BSE Fast Moving Consumer Goods (FMCG) index stood at the third spot with returns of 21.5 per cent as it surged to 16,109.6 from 13,263.8.
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BSE Metal index came at the fourth spot rising 20.4 per cent to 19,178.1 from 15,927.8. BSE bankex posted a 18.7 per cent rise to 44,818.9 from a low of 37,766.2. While BSE auto index surged 18.5 per cent, BSE Realty index gained 15.8 per cent during the period.
BSE Carbonex index too gained 14.2 per cent. These eight sectoral indices have outperformed the broader market benchmark Sensex which gained 13.4 per cent during the same period.
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On the other hand, BSE Healthcare index has slightly underperformed the Sensex with 13.1 per cent return. Other indices such as BSE Oil & Gas increased 9.4 per cent, BSE Teck index gained 6.3 per cent with BSE Information Technology index logging the least rise of 4.4 per cent from its June lows. Ahead of Q2 earnings, investors should also consider sectoral performances while exploring investment options.
Market watcher Vinod Nair, Head of Research at Geojit Financial Services said, “The Indian market is maintaining its resilience despite mixed cues from global equities and surging oil prices. Both domestic and foreign investors are supporting the rally. The market was also bolstered by expectations of Q2 results session, with improvement in sectors like metal, IT, and reality. However, the decision of OPEC to significantly reduce output has increased oil prices, which is slightly unfavourable for importers like India.”