“ I continue to think local domestic money that is coming in mid and smallcaps will continue to fuel, it if it has to keep going ahead. From January onwards, results will show us how good the Diwali season is and if Diwali was really good in terms of earnings, we should see the consumer durables or the staple sector start to take more weight in the movements going forward.”
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Signs the U.S. stock market rally is broadening from the so-called Magnificent Seven of mega-cap growth and technology companies is bolstering investor hopes for a rally through year-end. Equities have risen sharply, with the S&P 500 up over 8% in November, on the cusp of a new high for 2023, fueled by falling Treasury yields and cooling inflation readings that could signal the end of Federal Reserve rate hikes. In one encouraging sign, about 55% of the S&P 500 were trading above their 200-day moving averages as of Monday.