Nifty hit a record high in June! What’s in store for markets in 2H2023?

Despite concerns about a global recession and a local slowdown, the market has performed better than expected, thanks to a relief rally following a prior sell-off. The global economy has demonstrated resilience, and it is projected that the US economy will avoid a deep correction. However, the market may trade in a range with mixed bias in the near term, as equities may underperform due to fundamental and technical parameters. The volatility index suggests stability and optimism, but low levels of volatility are unlikely to be sustained considering the current economic conditions. Nevertheless, the downside risk is adequately mitigated, and a substantial correction is not anticipated. The earnings outlook for India is improving, and the risk is low in India compared to the global market.