What explains recent resistance to multiple headwinds in the stock markets

Domestic equities have held their ground, with the Sensex up nearly 13% from 2022 lows of 52,843 on March 7 even after the last three days of correction

Despite headwinds such as persistently high oil prices, unwinding of the post-pandemic stimulus programme by the US Federal Reserve and no signs of thaw between Russia and Ukraine, domestic equities have managed to hold their ground. The benchmark Sensex is up nearly 13 per cent from 2022 lows of 52,843 on March 7 even after the last three days of correction. On Monday, index reclaimed 60,000 for the first time since January 19. So what explains this resilience shown by the Indian market. Morgan Stanley in a note has highlighted six factors that indicate some fundamental shifts in market structure