Market Outlook: The general budget, quarterly results of companies and global trends will decide the market direction this week, experts say

The upcoming budget, quarterly results of companies and global trends will decide the direction of the Indian stock market this week. Analysts have expressed this opinion. Apart from this, the activities of foreign investors, fluctuations of rupee against dollar and Brent crude oil prices will also be important for the direction of the market. Quarterly results of many big companies are to be announced this week. Big companies like Bajaj Finance, Hindustan Unilever, Axis Bank, Bajaj Finserv, Larsen & Toubro, DLF, Tech Mahindra and Nestle will announce the results of the first quarter of the current financial year.

Investors will keep an eye on the shares of these companies on Monday

On Monday, all eyes will be on HDFC Bank’s stock. HDFC Bank’s consolidated net profit grew by 33.17 percent to Rs 16,474.85 crore in the quarter ended June 2024. Last week, the BSE’s 30-share Sensex rose 85.31 points or 0.10 percent. At the same time, the National Stock Exchange’s Nifty was up 28.75 points or 0.11 percent. The Sensex reached its new all-time high of 81,587.76 on Friday. On the same day, the Nifty also reached its new record level of 24,854.80 points.

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Expert opinion

Pravesh Gaur, Senior Technical Analyst, Swastika Investmart, said that the next most important factor for the market is the Union Budget to be presented on July 23, 2024. The policies promoting growth are expected to continue in the budget. Many other factors will also influence the direction of the market. These include the first quarter results of the current financial year of companies, domestic and global economic data and the trend of the global market as a whole.

He said that the activities of foreign and domestic institutional investors (FIIs and DIIs) and crude oil prices will be important for the direction of the market.

Vinod Nair, Head of Research, Geojit Financial Services, said, “The direction of the market will be decided by the upcoming budget.

Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd, said that the Union Budget is important for the future direction of the market. He said that along with this, the quarterly results session is going to gain momentum, due to which some stock specific activities can be seen in the market.