Indian markets anticipating movement triggered by Union Budget; bullish sentiments, institutional inflows, sector-specific expectations

From Hindustan Times: 2024-06-22 20:59:13

Indian markets are gearing up for potential movement triggered by the upcoming Union Budget in July. Investors are closely monitoring government policy announcements and macroeconomic indicators this week. The stock market saw marginal gains, with IT, private banks, and the Nifty Bank index standing out. Expectations are high for budget-related sector-specific movements, keeping an eye on monsoon progress and the GST meeting. Despite volatility related to election outcomes, market sentiment is optimistic, aided by institutional inflows. Several new IPOs and listings are expected this week, with analysts expecting a gradual up-move towards Nifty 50 hitting 24,000 if it sustains above 23,600. Foreign Institutional Investors were net buyers, adding ₹9,102.87 crore in Indian equities last week. Global cues, US Q1 GDP data, and US core PCE price index on June 28 will determine market dynamics. Oil prices dropped about one per cent due to concerns over global oil demand growth.



Read more at Hindustan Times: Week Ahead: Macro data, F&O expiry, global cues among key market triggers as Nifty eyes 24,000 this week