Share Market The uptrend in the stock market was halted on Friday last week. Nifty closed with a huge drop of 269 points. Sensex also fell by 738.81 points. In such a situation, will the downtrend of the market be halted in the week starting from Monday or can we see more weakness? This week is also the budget week. This is a very big event for the stock market. Budget (Budget 2024) The announcements made in the budget have a huge impact on the market. Let us try to know how the market will move in the budget week?
These factors will affect the market
Market experts say that this week the direction of the local stock markets will be decided by the general budget, quarterly results of companies and the global trend. Experts said that apart from this, the activities of foreign investors, volatility of rupee against dollar and Brent crude oil prices will also be important for the direction of the market. Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Ltd. said, “The next most important factor for the market is the general budget to be presented on July 23, 2024. The policies promoting growth are expected to continue in the budget. Many other factors will also affect the direction of the market. These include the first quarter results of the current financial year of companies, domestic and global economic data and the trend of the global market as a whole.
Big fluctuations possible in the market
He said that the activities of foreign and domestic institutional investors (FIIs and DIIs) and crude oil prices will be important for the direction of the market. This week, many big companies like Bajaj Finance, Hindustan Unilever, Axis Bank, Bajaj Finserv, Larsen & Toubro, DLF, Tech Mahindra and Nestle will announce their quarterly results. Vinod Nair, Head of Research, Geojit Financial Services, said, “The direction of the market will be decided by the upcoming budget.” Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services Limited, said that the general budget is important for the future direction of the market. He said that along with this, the session of quarterly results is going to gain momentum, due to which some stock-specific activities can be seen in the market.
HDFC Bank shares will be monitored
On Monday, all eyes will be on HDFC Bank’s stock. HDFC Bank’s consolidated net profit for the quarter ended June 2024 rose 33.17 percent to Rs 16,474.85 crore. Last week, the BSE’s 30-share Sensex rose 85.31 points or 0.10 percent. At the same time, the National Stock Exchange’s Nifty was up 28.75 points or 0.11 percent. The Sensex reached its new all-time high of 81,587.76 on Friday. On the same day, the Nifty also reached its new record level of 24,854.80 points. Experts say that there is a possibility of a decline in the market. In such a situation, small investors should trade cautiously.
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