From a top-down basis, the market valuations look reasonable with Nifty-50 trading at 16.3X FY20E ‘EPS’ and 14.1X FY21 ‘EPS’ in the historical context and versus bond yields.
Kotak Institutional Equities has made a few changes to their recommended large-cap model portfolio. They have removed Vedanta, and reduced weight in Infosys by 100 bps, bringing down the weight to an ‘internal’ cap of 10 percent.
Apart from Infosys, reduction of weight was seen in M&M (30 bps) and RIL (70 bps) and allocated the same weightage to Bajaj Finance (200 bps), ICICI Bank (50 bps) and Maruti Suzuki India (100 bps).
On the other hand, Kotak Institutional Equities mid-cap portfolio has remained the same. It includes stocks like CESC, Cholamandalam, Escorts, Equitas Holdings, Federal Bank, Jubilant FoodWorks, Kalpataru Power, MindTree, Petronet LNG and Prestige Estate.
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