Market Trend: Talking on budget and market Kotak Mahindra Amc Cio Equity Harsha Upadhyay Said that it cannot be said right now that the market decline has been completed. There is no major positive appear on the results. The overall market is expected to continue the era of consolidation. During the next few months, a lot of volatility can be seen in the market.
Harsha further said that mid and smallcaps are still on very expensive valuations. Even after correction, this basket is still 20-30 percent expensive. Earning growth of mid and smallcap was very poor in the last quarter. Even in this quarter, no significant growth has been seen in them. In such a situation, we should be cautious about mid and smallcap.
Talking on the banking sector, Harsha said that all the distinctions of this sector are over. There is no possibility of underperforming bank shares under this vaolal market. The valuations of banks are good. In FY 2026, the sector bottom can appear to be out.
Harsha Upadhyay says that the FMCG sector can prove to be a hidden Rustom. FMCG shares have included all the bad news so far. If good decisions related to consumption, income tax and growth are taken in the budget, then FMCG stocks may see a boom in the next two three quarters.
Budget 2025: Except for budget speech, all preparations are completed, possible on the highest focus growth -source
Talking on the budget, Harsha said that the fiscal deficit target for the next financial year can be around 4.5 per cent. Our eyes will be on what the government does to push growth while maintaining financial discipline. If the Finance Minister takes any major steps to rationalize income tax, then shares with consumed shares will benefit. This will be a good step for both market and economy.
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