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    Broad market participation to help strengthen rally, says Nimesh Chandan of Canara Robeco

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    Broad market participation to help strengthen rally, says Nimesh Chandan of Canara Robeco

    The broad market has been participating in the rally in the last two months unlike earlier when the rally was narrow on quality and visibility, Nimesh Chandan, Head-Investment and Equity, Canara Robeco, said.
    “There is participation from quality cyclicals as well as small and midcaps. Our portfolios have moved to include some of these broad market changes. Internationally also, there has been a change in commodities in bond markets towards more risk-on,” he said, adding that this broad market participation would help create a healthy rally.
    ”Price indications are backed by changes in the stance of large global central banks, governments who are pushing for better growth, positive newsflow on the political and geopolitical front and in the last few months positive numbers coming from PMIs both in the US and Europe. It always started with a few believers and a lot of skeptics,” he added.
    “Market is willing to move now from just quality and visibility to quality cyclical and midcaps and smallcaps,” he said, adding that the narrative is also changing. The efforts that the Indian government has taken will start showing results in six months and investors will start looking at FY21 and FY22 numbers for businesses.
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