An extremely narrow advance

The global rally lacks breadth, with only a few tech stocks driving the surge. In contrast, India's market stands out as an exception

Coming into 2023, there was almost universal bearishness on global markets, especially the US. It was the first time in this century that the consensus of Wall Street Strategists had actually forecast a market decline. The sell side is almost always bullish, so for them to forecast a market decline is rare indeed. It just shows the extent of bearishness that prevailed at that time. The bearish case was clear, inflation was still not in control, the Fed was in the midst of its most aggressive rate increase campaign in years, a recession seemed imminent and the risks of a