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Nifty continued its bullish momentum for the third consecutive week and closed higher at 17,828 levels with a gain of 1.30% on the weekly closing basis. Prices have shown a strong reversal from the lower levels and gained more than 5% in just three weeks, which indicates strong buying demand in the benchmark index from the lower levels.

While still bullish on shares of companies such as Caesars Entertainment Inc and Swiss-based shoe company On Holding AG, Villere has trimming allocations to the sector overall. Once it is clear a recession has taken hold, he hopes to buy shares of retailers hit by the slowdown.

Vinyl Chemicals was the top gainer, clocking nearly 42% returns last week. The stock also scaled an over three-month high of Rs 584.90. Many realty stocks made to the outperformers’ list. Shares of Prestige Estates Projects, DLF, Godrej Properties, and DB Realty gained 7-18%.

First-quarter earnings in the S&P 500 are forecast to fall about 8% from a year ago, according to Bloomberg Intelligence, the biggest decline since the start of 2020

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Last month, UBS agreed to buy Credit Suisse in a historic, government-brokered deal. The move came after Credit Suisse endured a series of blowups, scandals, leadership changes and legal issues.

This was followed by dovish FOMC meeting minutes, which said that several members considered it appropriate to hold interest rates steady in March, while others noted that they would have considered a 50 bps increase in the absence of the recent developments in the banking sector.

“It’s possible there are more legs to the run, but without fundamentals backing the extent of the run, the risk of correction is something we need to be alive to,” said Christina Woon, investment director at abrdn

The largest U.S. lender gained $50 billion in deposits at the end of March, its first-quarter earnings report showed. That compares to Citigroup Inc, where deposits were largely flat, and a decline at Wells Fargo & Co.