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Banking stocks are emerging as the biggest beneficiaries of the sharp shift in favor of cyclical sectors in India amid increasing optimism over an economic recovery.
A 44 per cent surge since September 30 means a gauge of lenders is beating the benchmark S&P BSE Sensex by more than 20 percentage points this quarter — the most since 2009 — after three straight quarters of underperformance.
The outperformance may continue till the risk-on trade persists, said Abhimanyu Sofat, head of research at IIFL Securities.
