“The valuation froth in the India equity market has settled after the recent derating. However, with global uncertainties still elevated, Indian equities may remain range-bound in the near term. We expect a good recovery in the second half of 2023 (H2-2023), as major central banks may likely end their rate hiking cycle amid a deteriorating global growth outlook,” wrote Jitendra Gohil, director, Global Investment Management at Credit Suisse Wealth Management India in a recent note with Premal Kamdar.