Two charts that says it all

Well, the conclusion of the charts below is crystal clear. The Fed tapering talk in May, which led to sharp depreciation in rupee value, has clearly benefited the firms with significant dollar earnings while domestic environment continues to remain a hurdle. So, the investors should not be overly complacent if Sept quarter results were not as bad as everyone was expecting them out to be. We need to cover a lot of ground on domestic front to substantiate the India fundamental story.

The first chart is from my first weekly commentary in November. It speaks of the divergence in the market performance of different sectors. IT and Pharma with their export earnings have dominated the returns this year.

While the other one from the house of Motilal Oswal speaks of the divergence in the companies with dollar earnings and domestic earnings.