Quote on Market Outlook by Sunil Damania, Chief Investment Officer, MojoPMS
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Below the Quote on Market Outlook by Sunil Damania, Chief Investment Officer, MojoPMS
"The much-anticipated 50 bps Fed rate cut has finally materialised, with signals from the Federal Reserve indicating additional cuts in 2024, 2025, and 2026. Markets have responded positively, as this could prompt a shift from debt to equities, potentially leading to a melt-up scenario. There is speculation that the RBI might follow suit in its upcoming monetary policy meeting on October 9th. However, market sentiment will remain sensitive to geopolitical developments, corporate earnings growth, and the global economy's health. Weak crude and copper prices raise concerns about the robustness of global recovery. Currently, ample liquidity is driving indices higher, and we see no immediate catalyst that could significantly reduce this liquidity. While we maintain a constructive outlook on the market, we anticipate that the rally from this point forward may be more selective, with sector rotation likely—sectors that outperformed previously may not lead the next leg of the rally."
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