Underrated reason for recent underperformance in Indian markets?

General
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For desperate bulls (me included) who are wondering why Indian markets aren’t breaking out on the upside despite so much positive news (along with a few negative triggers) of late.

The heavyweights of the US markets - US Tech aka FAANG are all in a downtrend for the last many weeks.

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The scary part is US markets are still near ATHs (1-1.5% away) So, the distribution looks scary to say the least

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