2023 Market surprises: Soft landings, new players, and India's global rise

In 2023, things turned out quite differently than what markets expected when the year began. Back then, many thought the US Fed would keep jacking up rates, and this constant rise would send the US economy into a tailspin, plunging it into a recession. But surprise, none of that happened.

As we waved goodbye to 2023, what we saw was the Fed doing a U-turn, aiming for a soft landing instead.

Most economists are predicting there is no recession, at least in 2024 for the US economy, and the possibility of a rate cut. So it's absolutely extraordinary the way the narrative has swung for the markets in 2023.

Another big theme stealing the spotlight was how major businesses birthed new players. Jio Financial hit the stock market, and Tata Tech pulled off the first IPO for the Tata Group in almost two decades.

Also India asserted its place in the global economy in 2023 and two examples, one G20 Presidency, and the second one is the inclusion in the JP Morgan Emerging Bond Market Index.

And let's not forget the grand finale of the year—the last two months saw a rally sparked by a state election.