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"Risk-reward is becoming more favourable for largecaps on better relative valuations versus midcaps," analysts led by Mahesh Nandurkar said in a note, pointing to a narrowing earnings-growth gap between the two segments. The MSCI India index has fallen about 10% from its August peak and underperformed emerging-market peers by 14 percentage points. That brings its one-year forward price-to-earnings multiple to 18.4 times, about 7% below its 10-year average, Jefferies said. The brokerage said rising global bond yields were increasing pressure on equity valuations, but largecaps offered a relatively better risk-reward given their valuation advantage over midcaps and the narrowing earnings-growth gap. Read more: How a 9-year-old Warren Buffett learnt a lesson on compounding by rolling snowballs on the lawn of his Nebraska home Jefferies has assigned Reliance Industries a higher weight in the model portfolio, citing attractive valuations and potential earnings upgrades from stronger refining margins. The stock trades at 8.4 times one-year forward EV/Ebitda (enterprise value/earnings before interest, tax, depreciation, amortisation), about 23% below its 10-year average, it said. Read more: Why junk bonds deliver equity-like returns but with far inferior volatility, explains Saurabh Mukherjea Kotak Mahindra Bank has been added to the model portfolio following the removal of the leadership overhang and the potential for growth acceleration. The stock trades at 1.8 times FY27 price-to-adjusted book value, about 50% below its 10-year average, according to Jefferies. The brokerage has reduced exposure to rate-sensitive segments, including NBFCs, real estate and consumer discretionary stocks, as higher yields could put further pressure on valuations in these areas. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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