Bank stocks lose weight in Nifty as old world charm of industrials take over
bank stocks, which have lost weight in the Nifty 50 index by 430 bps in over a year.
Investment-oriented themes like cement and building materials have also gained meaningfully post Covid and are currently at their decadal high levels.
Banks, which are index leaders in the 5-stock Nifty, are off from peak weight of 32% seen in July 2023 to 27.7% now, according to a report by Phillip Capital.
The brokerage has attributed the sector's underperformance to the lackluster show by HDFC Bank, which is the third largest stock on D Street by way of market capitalisation, just behind behind Reliance Industries (RIL) and Tata Consultancy Services (TCS).
Banks' weight has also come down in the broader NSE 500 by 470 bps from 23.2% to 18.5% in the said period.
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