Budget 2024: Investment Strategies for RVNL, Angel One, Dixon, ITC, SBI

Photo: Reuters

Equity Markets Surge Post Modi's Re-Election: Anticipation Builds for Union Budget 2024

Following the re-election of the Narendra Modi-led National Democratic Alliance (NDA) in June 2024, India's equity markets have experienced a significant surge. Both the Sensex and Nifty have reached record highs, rising approximately 15% from their panic low on June 4, 2024. This market rally is primarily driven by the anticipation of continued reforms and robust economic growth under the current administration.

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Expectations for Union Budget 2024

Experts believe that the upcoming Union Budget, set to be announced by Finance Minister Nirmala Sitharaman on July 23, 2024, will focus on fiscal consolidation while pushing forward with essential reforms. Brokerage firm Anand Rathi, in its pre-Budget expectation note, highlighted that the budget is likely to prioritize growth and stability through continued emphasis on infrastructure and consumption-inducing measures. They predict that the budget will have a positive impact on the equity market.

Key Stocks to Watch Ahead of the Budget

In light of these expectations, certain stocks across various sectors are anticipated to be in focus both before and after the budget announcement. Here are 11 stocks likely to be influenced by the proposed measures in the Union Budget 2024

1. RVNL (Rail Vikas Nigam Limited)

   • Sector: Infrastructure
   • Expected Impact: Positive due to continued emphasis on infrastructure development.

2. Angel One

   • Sector: Financial Services
   • Expected Impact: Positive from reforms aimed at boosting financial inclusion and market stability.

3. Dixon Technologies

   • Sector: Electronics Manufacturing
   • Expected Impact: Positive with potential incentives for domestic manufacturing and tech innovation.

4. ITC

   • Sector: FMCG (Fast-Moving Consumer Goods)
   • Expected Impact: Positive due to consumption-inducing measures.

5. SBI (State Bank of India)

   • Sector: Banking
   • Expected Impact: Positive from fiscal consolidation and growth-oriented policies.

6. Larsen & Toubro

   • Sector: Engineering & Construction
   • Expected Impact: Positive with a focus on infrastructure projects.

7. Reliance Industries

   • Sector: Conglomerate (Energy, Retail, Telecom)
   • Expected Impact: Positive across multiple verticals due to broad economic growth.

8. HDFC Bank

   • Sector: Banking
   • Expected Impact: Positive due to financial sector stability and growth measures.

9. Maruti Suzuki

   • Sector: Automotive
   • Expected Impact: Positive from policies supporting manufacturing and consumption.

10. Tata Steel

    • Sector: Metals & Mining
    • Expected Impact: Positive with potential infrastructure development boosting demand.

11. Infosys

    • Sector: IT Services
    • Expected Impact: Positive due to incentives for technology and digitalization.

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