Indian markets are likely to remain range-bound in the near term amid global headwinds, suggest analysts. Rising interest rates, firm crude oil prices and geopolitical concerns, they believe, will keep the sentiment back home in check despite the recent correction that has made valuations somewhat reasonable.
“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.
Any sharp correction, Gohil and Kamdar said, could offer a good buying opportunity as India’s medium-term growth outlook rem
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