Adani group stock rout has shaken investor faith, says Gaurav Dua

"A monetary policy meeting this week and some important October-December 2022-23 results may influence the near-term direction of markets"

It has been a choppy fortnight for Indian markets that braved Budget 2023-24 proposals and Adani Group developments. Gaurav Dua, senior vice-president, head of capital market strategy, Sharekhan by BNP Paribas, in conversation with Puneet Wadhwa, says global equity markets seem to have factored in a soft landing in the US and the early stirrings of a likely rate-cut cycle by the end of Calendars 2023 (CY23) or early 2024 (CY24). These, he believes, could turn questionable if inflationary pressures do not ease along expected lines. Edited excerpts:

With the Budget and the US Federal Reserve (Fed) meeting behind us,