Chris Wood’s preferred India stocks have delivered a mixed performance over the last six months, reflecting both the strength of domestic consumption and the uneven recovery in financials and real estate. While digital plays and insurance names have stayed firmly in the green, several large banks and property developers have lagged, hinting at selective investor appetite across sectors.
# Chris Wood's India Picks: A Rollercoaster Ride – 8 Stocks Swing Wildly from -8% to +29% in Just 6 Months
In the high-stakes world of emerging markets, where fortunes flip faster than a rupee in a street vendor's hand, Jefferies' global equity strategist Christopher Wood has long been a go-to oracle for India-watchers. His "Greed & Fear" notes are bible for investors navigating the Nifty's twists and turns. But even Wood's carefully curated India portfolio isn't immune to volatility. Over the past six months, eight of his key picks have delivered a bipolar performance: soaring highs of 29% gains and gut-wrenching lows of 8% drops. As India's benchmark indices grapple with relative underperformance against emerging peers, these swings underscore the market's schizophrenic mood—buoyant on domestic stories, jittery on global headwinds.
## The Portfolio at a Glance: Winners, Losers, and the In-Between
Wood's India-focused selections blend old reliables like banks with high-growth bets on consumer tech and infrastructure. Tracked from mid-May to mid-November 2025, the cohort reflects broader themes: resilience in discretionary spending and insurance, but cracks in lending and real estate amid slowing growth and FII outflows. Here's the scorecard:
| Stock Name | Sector/Theme | 6-Month Return | Key Driver |
|-----------------------------|-----------------------|----------------|------------|
| **Zomato** | Consumer Tech | +29% | Surging food delivery demand and profitability turnaround fueling investor frenzy. |
| **SBI Life Insurance** | Insurance | +14% | Robust premium growth and margin stability amid rising health awareness. |
| **DLF** | Real Estate | +11% | Premium housing boom and office leasing gains in Tier-1 cities. |
| **GMR Airports Infrastructure** | Infrastructure | +9% | Passenger traffic rebound and expansion projects lifting sentiment. |
| **HDFC Bank** | Banking | +4% | Post-merger stabilization, though deposit growth lags. |
| **PB Fintech (Policybazaar)** | Fintech | -0.5% | Consolidation phase after prior rallies; awaiting fresh catalysts. |
| **ICICI Bank** | Banking | -4% | Sluggish loan book expansion and NIM pressures from rate cuts. |
| **Lodha Developers (Macrotech)** | Real Estate | -8% | Cooling in mid-segment sales amid affordability concerns. |
This motley mix averages out to a modest +7.6% gain—outpacing the Nifty 50's flatline but trailing Wood's Asia ex-Japan benchmark. Digital disruptors like Zomato stole the show, while brick-and-mortar staples like Lodha bore the brunt of economic jitters.
## Decoding the Swings: What's Fueling the Volatility?
The top performers tell a tale of India's consumption engine revving up. Zomato's 29% surge isn't just Q2 earnings magic—it's the Zomato Gold loyalty program's stickiness and Blinkit's quick-commerce pivot capturing millennial wallets in a post-pandemic splurge. Similarly, SBI Life's 14% climb rides the insurance penetration wave, with ULIPs and term plans booming as households hedge against inflation.
On the flip side, the laggards highlight macro headwinds. Banks like ICICI and HDFC, once Wood's darlings for their asset quality, are wrestling with tepid credit demand—corporate capex remains muted, and retail loans face RBI's hawkish undertones. Real estate's split personality shines through: DLF's luxury focus thrives on HNI inflows, but Lodha's mass-market exposure suffers from rising EMIs and urban slowdowns.
Wood himself has tempered his India enthusiasm lately. In his November "Greed & Fear," he dubbed the market a "relative-return disaster" versus MSCI Emerging Markets, down 27% YTD on an outperformance basis. Blame it on AI hype shifting flows to Taiwan semis, state-level populism inflating deficits, and a rupee eyeing 89/USD. Yet, he sees silver linings: domestic mutual funds plugging 20-30% of the equity void left by FIIs, and a potential 2026 rebound if GST reforms juice nominal GDP.
## Broader Implications for Investors: Ride the Waves or Bail?
For retail punters and HNIs alike, Wood's portfolio is a masterclass in diversification's double edge—spreading risk but amplifying sector-specific shocks. The +29% Zomato outlier tempts FOMO buys, while Lodha's -8% dip screams value hunt. But as Wood warns, premium valuations (Nifty PE at 23x) leave little margin for error if growth disappoints.
His advice? Trim US tech exposure, overweight China for a catch-up trade, and hold India for the long haul—betting on demographics over decimals. With Diwali dhamaka behind us and budget buzz ahead, these swings could preview a consolidation phase, or spark the next leg up if earnings deliver.
Chris Wood's crystal ball isn't foolproof, but it's rarely foggy. In India's volatile bazaar, his picks remind us: fortune favors the bold, but only if you're braced for the bumps.
*Have you got skin in any of these? Which swing surprises you most—Zomato's rocket or Lodha's stall? Share in the comments!*
*(As of November 15, 2025. Sources: The Economic Times, Jefferies Greed & Fear, Moneycontrol.)
Eternal, which tracks Zomato, has been the standout performer with a sharp 29% rise. The stock benefited from strong food-delivery demand and improving profitability, keeping it well ahead of the broader market.
SBI Life Insurance
SBI Life has gained 14% as steady premium growth and resilient margins supported investor confidence. The stock continues to ride on sectoral stability and strong distribution strength.
Lodha Developers slipped 8% over the period as the property market showed signs of cooling in select segments.
DLF, however, delivered an 11% rise on demand strength in premium housing and steady leasing momentum.
