ICICI Securities reports that defensive sectors like FMCG, IT, and healthcare have seen their market-cap share drop to a 20% low since 2011, from 30% in 2020. Their profit pool share also plummeted to 16%, while valuations remain high at 32 times P/E. Meanwhile, cyclicals’ P/B ratios have surged significantly from 2020 bottoms.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets