Mumbai: India’s benchmark indices are down 10% from their record high levels hit on October 19 with the record-breaking rally finally taking a pause on concerns of a hawkish turn in monetary policy of global central banks and new Covid-19 variant risks.
In the broader market, BSE Midcap index and SmallCap index are down 12% and 8%, respectively, from their record highs hit during October.
However, select stocks in telecom, energy, healthcare and media sectors have defied the descent of the market into the weak territory.
Amid continued subscriber attrition and lower average revenue per user, debt-laden telecom company Vodafone Idea has rallied 39% from October 19 — the day benchmarks last hit record highs. Recent reports suggest the telecom major’s top management is targeting a four-fold increase in annual expenditure to $2 billion as it seeks to take on stronger rivals.
Adani Total Gas, ABB India, Adani Green Energy, Zee Entertainment Enterprises, Aditya Birla Capital and Godrej Industries have gained 6-21% since October 19. Investors have also begun focusing more on healthcare and pharma space, with GlaxoSmithKline Pharmaceuticals, Max Healthcare Institute and Apollo Hospitals Enterprise gaining 13-20% during this period.
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