India Rally Could Broaden to Include Banks as Reliance Peaks
- Market leadership may shift from Reliance: Right Horizons
- Banks have the ‘most scope’ to take the lead: Aditya Birla Sun
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India’s record-breaking equity rally will continue next year, with banks and other stocks taking over as drivers from the nation’s largest company Reliance Industries Ltd., some fund managers say.
Reliance has accounted for nearly a fifth of the 75% surge in the S&P BSE Sensex from its March bottom, according to data compiled by Bloomberg. That’s about double the contribution Apple Inc. has made to gains in the S&P 500 Index over the same period. Some market watchers say Reliance’s gains may have peaked for now, prompting the search for new leaders.