The recently unveiled Interim Budget for the fiscal year 2024-25 signals a departure from traditional pre-election patterns. Instead of populist measures, the budget demonstrates a professional and forward-looking approach, showcasing the government's confidence in the upcoming elections and the overall economic landscape. Noteworthy features include an unexpected Fiscal Deficit target of 5.1% of GDP, positively impacting the market by reducing government borrowing and lowering bond yields.
The budget also emphasizes capital expenditure, with an 11.1% increase, reaching Rs 11.1 trillion, reflecting the government's commitment to public investment-led growth and sustainable economic development.
Nifty ended the week 2.35% higher at 21,854. Nifty PSU Bank and Nifty Oil & Gas surged the most during the week with a gain of 11.47% and 9.11% respectively.
Scroll down to understand more of such market news and perspectives for the week gone by in easily understandable charts.
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The below chart shows how Indian Hotels Co. Ltd. performed during Q3FY24.
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Summary of SRF Ltd’s Q3FY24 performance.
The chart below shows the Q3FY24 results of Voltamp Transformers.
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Which Index Outperformed Others Since The Last Union Budget?
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LICHSGFIN has given a range breakout on the daily chart. The price was consolidating in the 555-590 range for a month.
NATIONALUM broke out of its key resistance level of 140 on the daily chart. Short covering at the maximum call open interest strike of 145 can drive a fresh leg of rally in the stock.
UTIAMC Surges Beyond its Previous Resistance
The level of 1375 which acted as a strong resistance for SBILIFE earlier is likely to act as a support going forward.
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