Bourses in for a rally, say market players

Bourses in for a rally, say market players

"The Budget was an obstacle for the market. As it is over now, the market will move freely. For sometime, the market will follow the positive cues from the Budget," HDFC Securities head for private broking and wealth management Vinod Sharma said.

Analysts also say as trading would be truncated this week, market will remain mostly positive and gradually start following global cues, probably by the later part of the week.

"On the back of a good Budget, the market will open on a strong note on Tuesday and later on, it will follow global cues," CNI Research managing director Kishor Ostwal said.
The Budget gave major personal income tax sops but effected a 2 per cent hike in excise duty across the board while increased levies on petrol and diesel-- in effect a partial rollback of the stimulus measures.

The 30-share BSE Sensex settled with 175 points gain on Friday-- first time in four on a Budget day-- to settle at 16,429.55 points. The index had surged 420 points intra-day on the Budget day after it announced increased expenditure for infrastructure sector and income tax sops and efforts to bring down fiscal deficit.

Marketmen said the sectors to be watched during the week are infrastructure, banking and auto. Investors have to read into the details of the Budget paper to analyse the broader impact on the market, they added.

During the week foreign institutional investors sold equities worth Rs 1,692.7 crore.
"The domestic market is bullish and will move as per demand and supply in the market," SMC Global vice-president Rajesh Jain said.On the back of the positive US economic growth figures, the Wall Street ended in the green on Friday and was set for a positive opening on Monday following the AIG Asia buyout by the British Prudential.

Market action came after the US government revised upward its estimate for the fourth quarter growth to a 5.9 per cent pace, slightly better than expected.
Following this the Wall Street closed with moderate gains on Friday.

DH Newsletter Privacy Policy Get the top news in your inbox
Comments (+)