The rally in the BSE Healthcare index may lose steam after gaining 76 per cent since March lows. Nearly a fifth of these gains came over the last month.
The recent gains came on the back of June quarter numbers and expectations of steady earnings growth going ahead. While the outsized gains over the last five months look sharp, the same has come after a continuous streak of underperformance every year since CY16. Says Pankaj Murarka of Renaissance Investment Managers, “The rerating has happened on expectations that earnings growth will come back in FY21, the defensive nature of ...
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