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Paras Jain/Mint (Paras Jain/Mint)
Paras Jain/Mint
(Paras Jain/Mint)

A wildly divergent performance

The Sensex rally has been led by more resilient large caps, while small caps and mid caps have fallen behind

Even as the S&P BSE Sensex hovers around a 28-month high, the chart shows there have been widely divergent performances by different sectors. In the last 28 months, while the Sensex has been flat, so-called defensive stocks such as consumer staples and healthcare have done far better. Cyclical stocks such as capital goods, metals and energy have lagged behind the broader markets, with metals putting in a particularly miserable performance. Also, note that the rally has been led by more resilient large caps, while small caps and mid caps have fallen behind.

Very recently, however, auto sector and financial stocks have outperformed the Sensex, and even capital goods have done better, on expectations of a rate cut and the hope that the worst might be over for the economy.

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