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.
