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India's Stock Market Correction. Cyclical Slowdown, Government Populism, and Emerging Risks for Corporates
In stock terms the sell-off has been concentrated in the more high beta domestic cyclical sectors, such as property, infrastructure and industrials which were the big outperformers last year. This is also why GREED & fear’s India portfolio, which is heavily positioned in these sectors, outperformed the Nifty by 18.7% in US dollar terms on a total-return basis in the year to 17 December but has since underperformed by 12.1% (see Exhibit 9).
