As per the market analysts, the declining global sentiment after the disappointment that arose after the earnings disclosure of Alphabet and Tesl have greatly impacted the market globally.
As the selling pressure continues for the last two consecutive days following the Union Budget announcement, the Indian stock market is expected to follow the global trend as the S&P 500 and Nasdaq hit multi-week lows.
The Indian benchmark indices experienced significant volatility as Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 under the Modi 3.0 government on Tuesday.
Indian markets started the week with a decline following global market weakness after U.S. President Joe Biden opted out of the presidential race. Indian markets are also facing selling pressure ahead of the Union Budget announcement by the government.
As the highly-anticipated Union Budget week is going to commence today, investors' sentiments in the equity market will be driven by the announcements made by Finance Minister Nirmala Sitharaman.
From here, the market is likely to see stock-specific moves this week on the back of the ongoing earning season. The market participants also digested the elevated inflation data for June, besides eyeing the much-awaited Budget to be presented on July 23.
The Indian stock market opened with minor gains, tracking positive global cues on Tuesday. The BSE Sensex opened in green at 80730.50, up 65.66 or 0.08 per cent while Nifty opened with a gain of 29.20 or 0.12 per cent up at 24615.90.
As the week gone by saw Indian stock markets touching fresh all-time highs and at the same time volatile trading days, the market is likely to see stock specific moves gain traction on the back of ongoing earning season, as per the market analysts.
Market sentiment on Thursday was subdued as investors awaited the first-quarter results of TCS and contended with the weekly expiry of Nifty futures and options contracts.
The earnings result season for Q1 (April-June) 2024 has commenced with major companies set to report their performance on Thursday in the Indian stock market, marking a significant period for investors and analysts.