INSUBCONTINENT EXCLUSIVE:
an economic slowdown that has mired peers.
The S-P BSE Sensex Index is up 3% so far in 2022, the biggest gain in the world after measures
in Singapore and Indonesia
A solid run of earnings buoyed key Indian benchmarks to record levels, making the market larger than the UK
banks boosted by a sharp recovery in credit demand
Some of the biggest losers were shares of technology firms that languished following their public debuts and software outsourcing providers
that faced concerns of a potential slump in overseas demand.
The outlook, however, is murkier
The market is seen to lose momentum next year amid elevated valuations, with Goldman Sachs Group Inc
companies more than double in value this year, led by Adani Power Ltd
as it benefited from a jump in demand for electricity
Flagship Adani Enterprises Ltd
has surged 113% after it became the second group firm to join the NSE Nifty 50 Index
according to the 12-month consensus price target of analysts
Still, a worsening gap between deposit and credit growth is something to watch out for, according to Macquarie Capital analyst Suresh
analysts estimate.IPO Letdown
Lingering disappointment following big initial public offerings sent fintech firm Paytm and online insurance
marketplace Policybazaar down more than 50% this year after their trading debuts toward the end of 2021
Other decliners include delivery startup Zomato, the owner of beauty e-retailer Nykaa and logistics firm Delhivery
Outsourcing providers were among the worst performers amid concerns over a possible recession in the US and Europe
and Tata Consultancy Services Ltd
Abhishek Kumar.Cheaper Generics
Drug exporters such as Aurobindo Pharma Ltd
also took a hit as generic drug prices plunged in the US
Sampath Reddy, the chief investment officer at Bajaj Allianz Life Insurance Co., said drugmakers may focus on profitable complex generics in
response to lower prices abroad
