New Delhi, Oct 30 || Though Indian markets posted only modest gains in September, the markets may be entering an early recovery phase, with improving breadth, sectoral rotation and stable macros, a report said on Thursday.
PL Asset Management said in a report said that strengthening breadth -- the share of stocks hitting new 12‑month highs has doubled from recent lows, and six‑month breadth readings exceed 55 per cent -- signalling growing investor conviction and improving risk appetite.
During September, global equity markets rallied, with the S&P 500 up 3.1 per cent, the Nasdaq surging 5.1 per cent and Hong Kong’s Hang Seng jumping 7.1 per cent.
Meanwhile, Nifty 50 rose 0.75 per cent, while the Nifty Midcap 150 and Smallcap 250 gained 1.39 per cent and 1.13 per cent, respectively.
In Indian markets, value and high-beta stocks have outperformed, reflecting the market’s shift toward cyclicality and growth-oriented sectors, the report said.