Markets News

Broader markets to pull up the rally, outperforming before Union Budget

Although many ups and downs were seen in the market before Budget 2021 release, but here is some good news.

On a recap, the Indian market closed in red in the last week pushing down the benchmark at critical support.

The S&P Sensex settled below the 47,000 levels and the Nifty also closed down at 13,700 points. But, although the major indexes slipped down but the broader market has outperformed even in crucial situations.

Both the S&P BSE Sensex and Nifty jumped more than 5 percent each on January 29.

However, there was a 3.6% fall in the S&P BSE Midcap index. Also, the S&P BSE Smallcap index too declined by the rate of 2.3 percent.

Low global cues and selling by foreign institutional investors only increased the warm-up session of the budget.

The market traded very negatively during the whole last week of the month. Continuous FII selling and weak global trend has pulled down the whole market momentum.

However, there will be big events waiting ahead with the declaration of the Union Budget when more than 400 companies will release their results.

Meanwhile, with the broader markets outperforming a healthy profit booking is also expected in the near future.

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