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360 ONE keeps 21 multicap picks as Indian markets stay under pressure
The brokerage said Indian benchmarks fell nearly 6% each in September and flagged risks from prolonged high oil prices, monsoon conditions, and higher global rates.
Indian equities stayed under pressure in September, with Nifty 50 and Sensex each declining almost 6% for the month, according to 360 ONE Capital Research as cited by LiveMint Markets.
Despite the sell-off, the brokerage said domestic demand remains resilient, but warned that prolonged high oil prices, an adverse monsoon, or persistently high global interest rates could weigh on demand over the medium term, while margin normalization will be closely watched.
360 ONE also pointed to elevated geopolitical uncertainty and said higher global yields and a firmer dollar have made the external liquidity environment less supportive.
In its positioning, it said it continues to favor a bottom-up, market-cap-agnostic approach, overweighting Healthcare and power and energy-related themes, while keeping Industrials neutral due to elevated valuations and Financials neutral because valuations are reasonable but regulatory uncertainty remains an overhang.
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