Markets weekahead - Stocks on hold ahead of budget

Sat Feb 23, 2013 1:51am IST

A broker monitors share prices at a brokerage firm in Mumbai August 9, 2011. REUTERS/Danish Siddiqui/Files

A broker monitors share prices at a brokerage firm in Mumbai August 9, 2011.

Credit: Reuters/Danish Siddiqui/Files

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

Reuters Market Eye - The BSE Sensex will be closely monitoring the 2013/14 budget for the next fiscal year to be announced on February 28.

All eyes will be on how the finance minister will manage to meet the government's 4.8 percent fiscal deficit target for 2013/14, while still trying to revive growth amid persistent inflation, and with general elections expected next year.

Whether India can deliver a credible fiscally disciplined budget is too close to call, but economists polled by Reuters say its resolve to cut spending and giveaways in next week's budget will reignite investor confidence.

Traders say Nifty will be range-bound at above 5,800 until the budget.

(Reporting by Abhishek Vishnoi)

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