The US and India are on flip-sides of the coin right now. The reason for the current rally in NIFTY against most other markets in the world is TINA ("There Is No Alternative"). This means that the Indian markets are highly priced as long as US has high interest rates, leaving no room for market investors except in India.
However, banking on declaration by Jerome Powell's latest remarks, the expectations are that US interest rates' increase will fall by December end, and investors may start moving back towards to the US and other markets globally.
Although the overall story of Indian production with China +1 policy remains intact, the short term increase in market returns may be impacted and we could see the peak of NIFTY this month.
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