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The admissions from these usually gloomy forecasters mark a turning point after they advised clients to stay cautious on US stocks this year — even as the market surged toward double-digit gains that have left major indexes at or near record highs.
"Rollover to December quarter and 2X increase in multiple factoring in lower macro uncertainty following rate cut path laid out by US Fed lead to 9-16% increase in FVs for IT stocks," Kotak said in a note
The banking index hit a record high of 48,219.95 last week on December 15 on the back of overall positive market sentiment.
Asian currencies were trading weaker as uncertainty clouds the Federal Reserve's path on monetary policy after officials poured cold water over market bets on rate cuts early next year
Central bank must make sure “we don’t give people price stability but take away jobs,” says San Francisco Fed President Mary Daly.