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While the 25% peak-to-trough drop in the S&P 500 ranks in the lower range of bear-market wipeouts, it took a particularly jagged route to get there. At 2.3 days, the average duration of declines is the worst since 1977. Throw in three separate bounces of 10% or more and it was a market where hopefulness was squeezed as in few years before it.

“In the case of defence stocks, my sense is that the large part of the sharp upmove is done. From here on, it will be more of compounding in nature in terms of how the order flow is and how the companies are able to sort of manufacture and deliver.”

There are few other basics that have evolved around my work. In listed equity markets, one of the basic challenges is when the markets are in a cyclical downturn and portfolio values tend to have a decent mark to market/notional losses or lower portfolio values.

The previous two weeks have been technically damaging ones; the slipping of NIFTY below 18600 levels has dragged the resistance levels lower for the Index

The legal status of transacting in or settling dues through VDAs is unclear. Instead of clarifying its stance, the government has come up with a new tax regime governing taxation of gains from sale of VDAs

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Consumer services (Rs 2,676 crore), FMCG (Rs 2,649 crore), capital goods (Rs 1,984 crore) and metals and mining (Rs 1,391 crore) were among the other top sectoral favourites.

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The economic data during the week from the US remained a mixed bag with the Conference Board’s one-year inflation expectation showing an ease down in inflation from 7.1% to 6.7%, and consumer confidence index spiked to eight months high of 108.3 in December from an upwardly revised 101.4 in November

Regarding India, the cautious monetary policy is expected to continue in H1CY23, and the broad valuation persists at a premium, which is a hindrance in the short to medium term.