MUMBAI: The stock market is likely to carry on with the feel-good factor of the Budget in the coming week and open on a positive note tomorrow, say analysts, adding however, going forward, the market will take cues from its global peers to find direction.
"The Budget was an obstacle for the market. As it is over now, the market will move freely. For sometime, the market will follow the positive cues from the Budget," HDFC Securities head for private broking and wealth management Vinod Sharma said.
Analysts also say as trading would be truncated this week, market will remain mostly positive and gradually start following global cues, probably by the later part of the week.
"On the back of a good Budget, the market will open on a strong note on Tuesday and later on, it will follow global cues," CNI Research managing director Kishor Ostwal said.
The Budget gave major personal income tax sops but effected a 2 per cent hike in excise duty across the board while increased levies on petrol and diesel-- in effect a partial rollback of the stimulus measures.
The 30-share BSE Sensex settled with 175 points gain on Friday-- first time in four on a Budget day-- to settle at 16,429.55 points. The index had surged 420 points intra-day on the Budget day after it announced increased expenditure for infrastructure sector and income tax sops and efforts to bring down fiscal deficit.