Budget to dictate market trend

Himalayan News Service

Mumbai, July 3:

Indian stock market investors are likely to closely track the proposals of the federal financial budget, to be unveiled next week, before enlarging their exposure in blue-chip equities.

Indian’s new government will Thursday present the central budget for the current fiscal year ending March 31, 2005. Analysts and market traders say investors are likely to consolidate their portfolio in the run up to the budget after resorting to large-scale bargain hunting on heavyweight stocks this week. The stock market barometer 30-share Bombay Stock Exchange sensitive index closed on Friday at 4,870.58.