Interim Budget unlikely to impact market in a big way, say analysts

Top Stories

»	Govt launches programme to train scientists in Governance under Mission Karmayogi
»	India's fisheries sector draws Rs 39,272 crore investment since 2015, seafood exports double
»	India’s exports to Australia more than double after bilateral trade pact
»	India IPO market hits highest Q1 since 2018, raises $2.5 billion
»	India’s defence exports surge 62.6 pc to Rs 38,424 crore in FY26, reach over 80 countries

IANS | 29 Jan, 2024
Two important events are due this week: the interim Budget and the Fed meeting on rate decision. But these events are unlikely to impact the market in a big way, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The Budget will be a vote on account without major announcements capable of impacting the market, he said.

Regarding the Fed decision, no rate cut is expected, but the commentary will be keenly watched.

The turbulence in the Red Sea is turning out to be a serious issue. Brent crude has spiked to $83, he added.

Stock specific action in response to Q3 results and news is likely. LIC getting RBI approval to raise their stake in HDFC Bank is positive for the latter. Since FII selling is sustained and high the bears will use rallies to sell, he added.

BSE Sensex is up a massive 876 points at 71,577.23 points, up by 1.24 per cent. Powergrid is up 3 per cent, Kotak Mahindra Bank is up 2 per cent, Reliance Industries is up 2 per cent, L&T, Ultratech Cement, Axis Bank, Sun Pharma are up 2 per cent.