After a prolonged wait, the interest rate cutting cycle is finally getting off the mark. The US Federal Reserve’s rate cut of 0.5%—its first rate action after a freeze of 420 days and more than four years since the last cut—turned out bigger than expected. The pivot towards lower interest rates is expected to drive stocks higher. The domestic market has already responded favourably, expecting the RBI to follow suit. However, the party may not necessarily last very long.
Can the defence sector continue firing after 100% gains?
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