Why market view changed for financials
The last few weeks have left the NBFC growth story in India badly shaken
The sharp fall in financials could not have come at a more inopportune time. The indices were driven to new highs mainly by financials. Private banks, home finance , insurance, asset management companies, non-banking finance companies (NBFCs) and microfinance companies were heavily weighted in public portfolios. Consensus around them was near total. Public sentiment ruled high on financials and it looked like the party would last for a long time. Then, the tide turned suddenly, taking everyone by surprise.