Across their outlooks, HSBC, The brokerages broadly agree that falling inflation, Reserve Bank of India rate cuts, stable domestic liquidity and policy support for consumption and capital expenditure are setting the stage for a recovery. Financials, consumer discretionary and industrials dominate the opportunity set, while telecom, autos and select real-estate plays add depth. Defensives such as staples and healthcare appear more selectively, reflecting a market that is expected to reward conviction rather ...

Market Trend - Bitcoin whales are increasing their accumulation, driven by improved macro tailwinds [1]

Core Viewpoint - Gold is experiencing its hottest year since 1979, with Fresnillo Plc significantly benefiting from this trend, showing a year-to-date gain of over 300% and outperforming its peers by approximately 200% [1][2]. Group 1: Fresnillo's Performance - Fresnillo has become the top performer in the FTSE100, with a year-to-date increase of over 300% and leading the market both year-to-date and year-over-year [2]. - JPMorgan upgraded Fresnillo to Overweight in April 2024, indicating strong confidence in the stock's potential for further growth [2]. Group 2: Market Drivers - JPMorgan identifies macro tailwinds and positive tail risks for gold as key factors driving Fresnillo's performance, suggesting that there is still room for further gains despite gold already reaching new highs [3]. - The gold price has surpassed JPMorgan's forecast of over $4,000 per ounce, with potential scenarios indicating that a shift of foreign-owned U.S. assets into gold could push prices to $6,000 per ounce, enhancing Fresnillo's leverage in the market [3][4]. Group 3: Investment Outlook - Investors are closely monitoring Fresnillo as it leads the charge in the gold market, with JPMorgan's projection of an 80% potential upside positioning it as a top pick for those looking to capitalize on the ongoing gold rally [5].