Pre-Budget rally on cards; market may re-test highs: Karvy

In an interview with CNBC-TV18, P Phani Sekhar said the market may be gearing itself up for a pre-Budget rally and may not only re-test all time highs but may also go past them.

Indian equities have given back some given some gains, especially over the course of a seven-day decline recently, with some attributing the correction to build-up over the BJP’s loss in Delhi.

“After yesterday's event [Delhi results], I think the market might take two-three trading sessions to consolidate,” Sekhhar said, adding that that will then give way to a rise in expectations regarding the Railway and Union Budget.

“So I guess a pre-Budget rally to all-time highs and may be beyond them is always on the cards,” he said.