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Which way will the equity market swing in budget week? HDFC bank, Cipla & ITC in focus

In the holiday-shortened week gone by, the BSE Sensex and Nifty 50 declined 1 percent each to end at 70,700 and 21,352, respectively. Amid mixed Q3 earnings, continued FII selling, interim Budget and first FOMC meeting in store for the coming week, the benchmark indices are likely to see a tough battle between bulls and bears. Last week, foreign institutional investors' continued to sell as a SEBI disclosure norm created short-term panic. However, sources at SEBI later clarified that there are no immediate deadlines to liquidate holdings. On the sectoral front, Nifty Media index shed 10 percent, Nifty Realty index down 4.5 percent, Nifty Bank index fell 2.6 percent and Nifty PSU Bank index down 2 percent. On the other hand, Nifty Pharma index up 1.7 percent. The biggest stock loser was Zee Entertainment Enterprises, down over 38 percent, as Sony called off $10-billion deal with the company. Nifty Midcap 100 fell 1.7 percent while Nifty Smallcap 100 fell 0.7 percent in the week gone by. This morning global cues are largely positive with the GIFT Nifty signalling a start around the 21,600 mark. Catch Nandita Khemka in conversation with Aamar Deo Singh Sr Vice President, Angelone and Amit Jain-Co founder, Ashika Global Family Office Services

first published: Jan 29, 2024 09:00 am