Nifty Pharma one the most hated sector in this bull market for a variety of reasons. The number one reason is negative returns since Apr 2015. Till now index had lost a maximum of 42.28% from its peak. Which is very close to the drawdown during the 2008-2009 crisis period. During 2008-2009 economic crisis period Nifty Pharma had made an extreme drawdown of 44% from its peak.
Karnataka Elections results are due for this week (on 15th May 2018). Interestingly month to date performance from the major indices shows that Nifty, Bank Nifty,Nifty Financial Services, Nifty Energy are the major indices where investors piled in for the month of May. Rest of the sectors shows negative growth month to date.
It is observed that Sensex is relatively having momentum build up and likely to enter from improving quadrant to leading quadrant which indicates out performance compared to the benchmark index S&P 500. Rest of the other markets are relatively pose a falling momentum. Brazil Bovespa this week moved into the weakening quadrant indicating the possibilities of under performance. Shangai SSEC showing under performance so far with stable momentum.