Leaders and laggards: Sectors that did well in Q2, and those that didn't

Banking, oil and gas, pharma, tyres, cement, and FMCG (except tobacco) were among sectors to register a good performance for the quarter ended September. While lenders benefitted from the Supreme Court moratorium on loans, pharma companies gained from a general uptick in demand for medicines and health supplements owing to Covid-19. In contrast, cement and tyres gained from a sharp rise in retail prices of their products and lower input costs. In oil & gas profits got a boost from inventory gains as crude oil prices recovered, but Reliance Industries took a hit because of weak refining margins.

Likewise, FMCG was