ETMarkets Smart Talk: General elections, Budget among top 4 events to track in 2024: Sunny Agrawal
Sunny Agrawal, Head of Fundamental Equity Research, SBI Securities, said.
In an interview with ETMarkets, Agrawal said: “BFSI, Real Estate, Auto, Cement, Engineering/Cap Goods, Infra, Railways, Defence, Renewables, IT, Biofuels etc are the preferred picks for next 12 months,” Edited excerpts:
Sensex touched 70K while Nifty50 was above 21K – we got a Fed boost towards the close of the week. What is your view on the market?
From the next 6 to 12 months perspective, we expect the domestic equity market to remain buoyant and have room to further go up by 8-10%.
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Key events which the Street will track are:
a) Ensuing 3QFY24 result season which will kick start from the 2nd week of Jan24.
b) Union Budget — This time the union budget will be voted on account and some minor sops may be offered to the salaried class by likely tweaking of the tax slabs. The twin objective of minor relief to the taxpayers coupled with encouraging taxpayers to shift to a new tax regime is likely to be achieved by tweaking the tax slabs. However, the final budget will be presented by the newly elected government in the month of June-July 2024.
c) Announcement of schedule and outcome of General Election: As of now, the Street is discounting that the existing ruling party is likely to win & is likely continuing to manage the affairs for the next 5 years, thereby ensuring political stability.
d) With dovish commentary coming from the US Fed Governor, the street is expecting 3 rate cuts in the US in
