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In the booming $2.9 trillion equity market of virus-ravaged India, following the rich is proving to be a safer strategy.
The year-to-date return of Bloomberg Intelligence’s custom basket of 30 stocks favored by wealthy individual investors is about 8 per cent higher than that of the National Stock Exchange of India Ltd.’s benchmark Nifty 50 Index, according to data compiled by Bloomberg.
These shares that include the likes of
Bharat Heavy Electricals Ltd. started outpacing the Nifty 50 Index at the end of March, just days before a new wave of coronavirus infections made the Asian nation a global hotspot for the pandemic. Since then, the outperformance has widened even as the pace of infections slowed and the Nifty gauge neared a record high.