New Delhi: The Sensex and Nifty rallied to new highs on Thursday, closing at all-time highs of 81,343.46 and 24,800.85, respectively. Indian indices have now rallied for 6-8 straight weeks, which means a market correction is a good idea, said stock market expert Arun Kejriwal on the show Hello Money9.
Indian indices on a record-breaking spree
To be sure the Sensex and Nifty closed 5 per cent lower on poll result day on June 4, 2024. However, markets rebounded from the lows witnessed owing to an unexpected poll result after the Narendra Modi administration came to power. Consumer stocks have gathered pace since the poll result, accounting for expectations of a more populist first Budget for Modi 3.0, in a move that is aimed at meeting the demands of alliance partners.
Earlier, Jefferies’ Global Head of Equity Strategy, Christopher Wood stated that his biggest fear regarding the upcoming Budget was a potentially higher tax being imposed on holding of securities. At the same time, he stated that market correction was inevitable, though that is unlikely to be groundbreaking in nature.
Will Sensex and Nifty correct after Budget 2024?
Coming back to Kejriwal, the stock market expert said that the Sensex had risen 11,000 points, and the Nifty surged 4,000 points since the poll result. He urged investors to book profits while keeping dry powder ready to invest in valuable stocks when the market corrects.
Wood stated that he was eyeing an entry into defence stocks once the market corrected since the sector presented a strong investment opportunity. To be sure, Wood called India the world’s best long-term growth story, while reiterating positive bias on the Modi administration’s China plus one strategy to create manufacturing capabilities. All eyes will be on PSU stocks amid expectations of a greater infrastructural push led by a strong outlay for the Indian Railways.
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Budget 2024 Expectations: The Sensex and Nifty have risen phenomenally since the lows of the Lok Sabha election result. Will the key indices correct again on Budget Day? Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
