Stocks preferred by India's rich fare better in second Covid-19 wave

Shares including the likes of Bharat Heavy Electricals started outpacing the Nifty 50 Index at the end of March

In the booming $2.9 trillion equity market of virus-ravaged India, following the rich is proving to be a safer strategy.

The year-to-date return of Bloomberg Intelligence’s custom basket of 30 stocks favored by wealthy individual investors is about 8% higher than that of the National Stock Exchange of India Ltd.’s benchmark Nifty 50 Index, according to data compiled by Bloomberg.

These shares that include the likes of Bharat Heavy Electricals Ltd. started outpacing the Nifty 50 Index at the end of March, just days before a new wave of coronavirus infections made the Asian nation a global hotspot for the