All eyes are on the Union Budget 2024 as Nirmala Sitharaman is set to present the first budget of Modi 3.0 government. The announcements in the budget will be keenly observed by investors as expectations about policy continuation are high.
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Analysts feel that Nifty, which closed at 24,800.85 on Friday, will cross the psychological milestone of 25,000 to record a new all-time high ahead of the budget. Sensex had breached the 81,000 mark on Thursday.
Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, told news agency PTI, “The upcoming Union Budget on July 23, 2024, has become the next focal point for the market, with high expectations for growth-oriented policies.”
He added that several factors will influence the market direction, including Q1 results from corporates, domestic and global economic data, as well as broader trends in global markets. Besides, foreign and domestic institutional investors will be closely watching market sentiments, he added.
Other usual factors likely to drive the market are the rupee-dollar trend and the movement of global oil benchmark Brent crude.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said the Union Budget will provide the next set of directions to the market, adding that earnings season will also pick up pace, which will result in stock-specific actions.
Among market heavyweights, Bajaj Finance, Hindustan Unilever, Axis Bank, Bajaj Finserv, Larsen & Toubro, DLF, Tech Mahindra and Nestle will release their quarterly earnings this week.
One of the major blue-chip stocks to watch out on Monday is HDFC Bank, which recorded a consolidated net profit increase of 33.17 per cent to Rs 16,474.85 crore in first quarter ended in June.
