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The valuation premium was above 40% for only 1.4% of the total trading days since January 2005. The Nifty50 is now the second most expensive index among major global indices after NASDAQ. Over three out of every four constituents of the Nifty 50 trade at a premium to their respective long-term average valuations propelled by sectors such as consumer, IT and Industrial sector, a sector which typically trades at a reasonable valuation. ....
The appointment of Ashok Vaswani as the new CEO of Kotak Mahindra Bank brings a period of uncertainty to an end, but another period of uncertainty may lie ahead as external candidates often have trouble adjusting to the culture of the organization. Kotak s valuation remains at a premium compared to ICICI Bank and HDFC Bank, making it less attractive for investors. However, if the stock falls by 10-15%, it could present a contrarian buying opportunity. Other private banks like IndusInd and ICICI Bank are expected to continue outperforming. ....
In an interview, Nirav Sheth, chief executive officer, institutional equities at Emkay Global Financial Services, says he is positive about most sectors including banks, but with varying levels of confidence. ....