INSUBCONTINENT EXCLUSIVE:
By Jayesh KhilnaniThe domestic equity market had its worst October since 2012, with Nifty50 declining over 5 per cent
From a global context though, the 50-pack still had a relative outperformance
the same period.
Among the sectoral indices in India, only three managed to advance during the month
Nifty PSU Bank Index gained more than 4 per cent and recorded the best month since July
its worst month since October 2008, followed by Nifty Auto index, which lost over 8 per cent and continued to decline for the second
straight month.
Volatility was high all through the month, with India VIX, a measure of volatility, rising nearly 18 per cent.
Analysts have
turned cautious under these circumstances
A study of 439 stocks tracked by a minimum of five analysts showed only 22.8 per cent stocks saw upgrades on target prices during the month,
while target price downgrades, at 65.8 percent, dominated the narrative
Only 11.4 per cent stocks out of 439 saw no change in price targets during this period.
THE SECTORSAll but one sector, healthcare, saw an
overall upgrade in target price revision during October
streak since October 2001
their sectoral expectations.
TOP STOCK UPGRADESAmong the 439 stocks, the stocks that saw biggest upgrades were Hathway Cable and Datacom,
whose price target projections rose by 48 per cent
They were followed by Praj Industries and Vinati Organics, which saw 27 per cent and 26 per cent price upgrades, respective
Balrampur Chini came fourth, with price target going up 18 per cent, while NIIT Technologies saw its price target go up 14 per cent during
the month.
TOP STOCK DOWNGRADESTwo Nifty members HPCL and BPCL featured among top five downgrades in October, as their price targets were
cut by 38 per cent and 32 per cent, respectively
Dish TV was another top loser, with 40 per cent cut in target price
Genus Power Infrastructures and HT Media were the other two, with price targets cut by 37 per cent and 28 per cent, respectively.
