Sensex scales 65k but analysts say valuations getting stretched
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V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said the ongoing rally in global stock markets is primarily driven by the surprising and unexpected strength of the
US economy ( 2 per cent GDP growth in Q1 23), in spite of the savage 500bp rate hike by the Fed. Global markets which had discounted a US recession by mid 2023 have been proved wrong and the
markets are now compensating for the excessive pessimistic discounting in 2022, he said.