Best Performing Sectors – Equity Markets | July 2021



  • Large caps underperformed mid and small caps. Within large caps, Nifty next 50 outperformed
  • No clear performance trend between defensive and high beta sectors
  • Best performing sectors: Real estate developers, Metals, IPOs
  • Amongst the defensive sectors: Pharma and IT outperformed, FMCG underperformed
  • Financials: continues to underperform and is amongst the worst performing sectors in the last 6 months
  • Capital Goods: continues to steadily outperform broad indices month on month
  • Auto: underperformed significantly this month
  • Within commodities: Apart from metals, all other sub-segments underperformed significantly





  • Equity:
    • Developed Markets (Ex-Asia) and South Africa outperformed. Developed Asia, Brazil and China underperformed.
    • US: Nasdaq has been amongst the best performer this month again. Small caps delivered negative returns and continued to underperform large caps
    • China, HongKong, Taiwan: Regulatory overhaul by the Chinese Government has caused large FII outflows in the last month. Most impacted sectors – Technology, property and education. Separately, fresh restrictions are being imposed in China as delta variant cases rise.
    • Singapore: Has outperformed its Asian peers as it leads in vaccination progress and covid related curbs begin to ease further.
    • South Africa: After falling last month, has recovered now and is in line with other emerging markets supported by easing monetary policy (given rise in covid cases in June) and rising exports + additional benefits from falling currency.
  • Currencies: Like last month, safe haven USD, YEN appreciated versus most currencies this month as money moved out of Chinese assets given big regulatory changes.

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