Promising Sectors In Stock Market After Budget 2024 Presentation

Later today, the finance minister of India presented the interim budget for 2024–2025 in parliament. The stock market nifty index before the budget was trading at 21,830, around where, after the budget, the sharp fall was seen in the market, where the nifty made a low of 21,658 and closed at a near all-day low of 21,690. Which is 0.56% down from the all-day high.

For so long, the market has decided its direction according to budget. Many people make a lot of money on budget day, and some people lose plenty of money on budget day. In layman’s language, this is known as budget day trading.

Many stocks in the market showed optimism during the budget speech and made money for their investors. Let’s see what stocks are going to be best for the upcoming year based on the budget for 2024.

• Tourism Finance Corporation of India (TFCI):  For over three decades, the TFCI has helped people as a financing institute to promote tourism and develop infrastructure. The moment finance minister told parliament that the government will focus on tourism more now that the stock started trading at its day high and later closed at its 52-week high, giving more than 7% return in a day. Surely TFCI should be in your portfolio, at least for this financial year.
• India Tourism Development Corp: This stock is another example of how a budget can make someone rich in a day, just like TFCI, the India Tourism Development Corporation, focuses on promoting tourism in the nation in different ways. The stock was trading at around 640 before the budget; after the budget, the stock hit the 20% upper circuit in the market, closing at its all-time high near 762. Keep an eye on this stock this year.

• National Buildings Construction Corporation India (NBCC): As the government is going to continue Pradhan Mantri Awas Vikas Yojna in the Grameen area, definitely the NBCC will be involved in it. Because of that, the stock, which was trading near 130 before the budget, hit its high today at 145 and closed near 141, giving 10% in a single day. The stock is not only good for this financial year but also for the long term.

• Public Sector Banks: Public sector banks such as Union Bank of India, Canara Bank, State Bank of India, Punjab National Bank, and other PSU bank stocks started trading at their all-day highs right after the finance minister announced a rise in the Capex to ₹11.1 lakh crore in FY25, which means the government bank will lend more money to corporations, which will even give them more interest and profit in the future, allowing us to buy for the future.

• Housing and Urban Development Corporation (HUDCO): HUDCO is a public sector company whose main work is to finance houses and promote development in urban areas, as the government is going to continue making more houses under Pradhan Mantri Awas. Vikas Yojna, the HUDCO, sees nice growth in the upcoming year. Like other PSUs, the HUDCO also hit the 20% upper circuit in the stock market in a single day, giving a tremendous amount of return. Currently,  the stock is trading at its all-time high.
• Shipping Corporation of India: As the budget is focused on aquaculture and fishing, the Shipping Corporation of India handles the ports, shipping, and waterways of the nation. The stock crossed its 52-week high, making a new 52-week high. The stock is trading at its all-time high now and giving more than a 10% return in a single day.