With recent correction seen in US and European markets, Atul Suri, CEO, Marathon Trends PMS is optimistic about global markets in 2023. Last year was a washout and 2023 can bring a big global move-up in equities, according to Suri.
''I get a sense that we are starting a big global move-up in equities. Last year has been a washout. In India, optically the indices were flat and Indian markets were insulated. However, global markets are now doing a very big catch up, what we call a short-covering bounce,'' Suri said in an exclusive interview with CNBC-TV18.
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The spaces that have beaten the most, like the Nasdaq, are seeing the biggest spring. The momentum will move and gain further strength this year as there is very good breadth seen in the mid-cap and small-cap space, he added.
''There will be a fresh up move in US markets, however, it won't happen in the next few weeks. It will take some time but it will recover their earlier highs, which will be phenomenal for global equities,'' said Suri.
The Nasdaq and S&P 500 ended higher on Thursday and touched roughly five-month highs, as a more dovish-than-expected message from Federal Reserve Chair Jerome Powell boosted equities and Meta Platforms shares soared on rigorous cost controls. The Dow slipped, dragged down by declines in some big healthcare stocks.
The Dow Jones Industrial Average fell 39.02 points, or 0.11 percent, to 34,053.94, the S&P 500 gained 60.55 points, or 1.47 percent, to 4,179.76 and the Nasdaq Composite added 384.50 points, or 3.25 percent, to 12,200.82.
After a bruising 2022, US stock markets have made a strong start to the year, with tech and other stocks that lagged last year leading the rebound amid hopes that the Fed will temper its aggressive rate hikes, which in turn could alleviate some pressure on equity valuations.
