Sandeep Raina, Executive Vice President- Research at Nuvama Professional Clients Group believes there will be no significant changes in the upcoming Budget before the General Election. However, after the elections, the government may announce a pro-investment Budget. In an interview with Mint, Raina shared his views on markets and the Indian economy.
Edited excerpts: The market is looking good irrespective of the Budget and the current scenario is conducive for the market. Various factors like strong corporate earnings, investment from both the government and private players and the recent somewhat dovish stance of the Fed are contributing to the positive outlook for the market. The current environment across the world is looking strong.
As we approach the upcoming election, significant changes in the upcoming Budget are unlikely. However, following the election and the formation of the new government, we anticipate the introduction of a pro-investment Budget, consistent with the trend observed in recent years. 2023 was a very interesting year.
The market commenced on weak ground, experiencing a 7 per cent decline until March, with midcaps facing a steep decline. However, by the end of March, the market picked up, surging by 26 per cent from its lowest point. Several stocks have achieved multibagger status this year.
Despite witnessing occasional minor corrections throughout the year, there were still profitable opportunities across the board. Also Read: Budget 2024: Hope govt addresses inflation by considering tax reductions, say co-founders of Goela School of Finance In 2023, I expect infra (defence, railways, capital goods, roads) and banks to perform well. Even PSU and defence would participate in the markets.
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