There are statistical evidences that the pre-Budget rallies don't happen every time. If you go back and look then eight times out of 10 times pre-Budget rallies have not happened, says Prabhat Awasthi of Nomura.
Moneycontrol boarder Tushar asks Prabhat Awasthi of Nomura on which he thinks would benefit most from a pre-Budget rally?
Awasthi is doubtful of a significant pre-Budget rally taking place. He says, "I am not very sure because there are challenges in terms of draught. If we still don't get rains for another 5-10 days there will be worries that will surface. So, a pre-Budget rally is being held back by the fact that there are macro worries which have risen."
Typically, what happens in pre-Budget is that the sectors which have policy implications tend to go up because market bets that in Budget they will give more sops, for example sector like infrastructure, says Awasthi.
Also read: Clarity on GST likely in Budget; bullish on banks: Nomura
He thinks on an overall basis there are worries both on oil front and drought front that will hold back a very strong move. Moreover, according to him Pre-Budget rallies are not very common. "There are statistical evidences that the pre-Budget rallies don't happen every time. If you go back and look then eight times out of 10 times pre-Budget rallies have not happened. So, I wouldn't hang my hopes too high on a massive pre-Budget rally," he adds
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Interact with CNBC-TV18: Don't hope for a pre-Budget rally, says Nomura's Awasthi
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