Unlike dividend yield, value portfolio has limited room for earnings upgrades to continue and the trade looks relatively more crowded. Hence, dividend yield seems to a better way to play value within PSUs, accotding to Bernstein.
There has been no meaningful Institutional crowding in PSU names in this cycle, barring few names. PSU rally seems to have been driven by retail investors, foreign brokerage, Bernstein said in a report.Foreign Institutional Investors (FIIs) .
Positive setup was seen in stocks like GMR Infra, MCX, Grasim, United Spirits, Granules, Container Corp, Voltas, Cipla, Zydus Life, Bharti Airtel, ICICI Bank, Cummins India, Dr Reddys, Coforge, Maruti and Indian Hotels.
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Positive setup was seen in stocks like Godrej CP, Maruti Suzuki, Canara Bank, PNB, Container Corp., Indigo, Bank Baroda, Dabur, Power Grid, NMDC, Can Fin Homes, IOC, IGL and MCX.