Headwinds Ahead! Stay on Course

The month of March has started on a very good note for the Indian equity market. After three months of continuous negative returns, we have seen positive return in the first five trading days of this month. The main reason is the recently released GDP data for the third quarter of FY23 which shows that the Indian economy grew by 4.4 per cent against the expectation of 4.6 per cent by many economists. One of the reasons for such a low number is the upward revision of the previous year’s GDP data. Had it not been revised, some economists estimate that the Indian economy would have grown at a rate greater than 8 per cent for FY23.