New Delhi: Corporate commentary in the quarter gone by lacked any concrete evidence of pickup in rural demand which reflected in the underperformance of the FMCG sector in every time frame in last one year, JM Financial Institutional Securities said in a report. Risk-on sentiments are still prevalent in 2024, as is evident from the small and mid caps outperformance over Nifty in last one month. However, we continue to believe that 2024 would be the year of large caps over SMID, as asset allocators would prioritise valuation comfort. On a sectoral level, most notable outperformance came from utilities (13.5%), energy (13.4%) and pharma (10.2%) while FMCG underperformed the benchmark in every
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