Large investors booking profits in high beta, cyclical stocks: Analysts

The rally on Dalal Street has entered a new cycle as former leaders have turned laggards, while stocks and sectors that lagged are outperforming now. Analysts say large investors are booking profits in high beta and cyclical stocks and shifting to defensive ones.
 
The shift in the broader market is clear from the recent movement in the key BSE sectoral indices. For example, the BSE Metal, BSE Basic Material, and BSE PSU indices have turned laggards after outperforming the benchmark BSE Sensex in the first seven months of 2021. In contrast, the BSE FMCG, BSE Oil & Gas, and