It will be a busy news-heavy week. Analysts say given the fact that the long-term story remains intact, investors should use every opportunity to buy on dips.
In each of the last five years, post-budget returns have been negative with India underperforming emerging market peers in every single of these years.
ITC reported 5.7 per cent year-on-year (YoY) growth in the net profit to Rs 2,646.73 crore for the quarter ended December 2016 which was higher than ET Now estimates of Rs 2,550 crore.
Budget is likely to be positive for auto, cement, metals, consumer, internet, media and real estate sector, but it will be neutral for financials, IT.
Bank Nifty moved up in line with the Nifty50 index on Wednesday and witnessed a massive rally as it surpassed the hurdle of 19,500 level.
The Nifty50 trades well above its crucial level of 8,600 supported by gains in realty, power, consumer durables, capital goods, and banks.
The EM basket, including the BRCS (Brazil, Russia, China, South-Africa), Hang Seng, Strait Times, still trade below their 2008 high levels, data suggests.
“Looking at the expected dividend of 4 points in the February series, the current roll spread seems to be on the lower side and may not decline further from these levels,” ICICI Securities said.
Total Put open interest of 68.97 lakh contracts stood at strike price 8,000, which will act as a crucial base for the market in the January series.
Most global markets witnessed profit booking through this week ahead of Donald Trump’s inauguration as the new US President and Indian market was no different.
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