On the last trading day of last week, the stock market witnessed a huge decline due to heavy profit booking. This week too, the trend of fluctuations is expected to continue in view of the general budget and quarterly results of companies.
What is the expert's opinion
Pravesh Gaur, Senior Technical Analyst of Swastika Investmart Limited, said, “The general budget will be presented on July 23. It will play an important role in determining the condition and direction of the stock market.” Pravesh Gaur believes that the government will continue to focus on policies that promote growth in the budget. He said that the first quarter results of the current financial year and the global trend will also affect the mood of the stock market.
Vinod Nair, Head of Research at Geojit Financial Services, also believes that the direction of the market will be decided by the upcoming budget. At the same time, Siddharth Khemka, Head of Retail Research at Motilal Oswal Financial Services Limited, also says that the quarterly results session is going to gain momentum, due to which some stock-specific activities can be seen in the market.
Which stocks will you keep an eye on
When the market opens on Monday, all eyes will be on HDFC Bank's stock. It released its financial results on Saturday. The bank's consolidated net profit for the quarter ended June 2024 increased by 33.17 percent to Rs 16,474.85 crore. After the result, shares of Kotak Mahindra Bank and Yes Bank will also be in focus.
This week also many big companies are going to release their quarterly results. These include Bajaj Finance, Hindustan Unilever, Axis Bank, Bajaj Finserv, Larsen & Toubro, DLF, Tech Mahindra and Nestle. The financial results of these companies can also increase the movement in the stock market.
Market condition last week
Barring the last trading session of last week, the overall performance of the market was good. The 30-share BSE Sensex rose 0.10 percent. The National Stock Exchange's Nifty showed a jump of 0.11 percent. The Sensex and Nifty made their new all-time high on Friday. But, in the end, they closed with a decline due to profit booking.
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