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Are railway and infra stocks set to lead the pre-budget rally?

Indian equity markets may remain range-bound in the near term as investors book profits after recent gains, according to market expert Shahina Mukadam. She believes the current pause in the market is healthy and part of a normal cycle.

“I believe we will be a little bit range-bound. We are seeing some profit booking taking place as of now, which I think is okay,” Mukadam said.

Despite the broader market consolidation, select sectors are performing well due to better pricing conditions. Mukadam said pockets of strength are still visible, especially in stocks that are starting to benefit from earlier policy changes.

With the Union Budget approaching, railway stocks have once again come into focus. “Railway stocks are the pre-budget favourites and they are usually the first to start the rally,” she said.

Mukadam also expects the impact of GST cuts to reflect in company earnings in the second half of the year. “Most of the GST cuts have already happened and they should start showing positives in the second-half numbers,” she noted. This could support auto stocks like Bajaj Auto, as well as gold-related stocks.

On the budget front, capital expenditure will be closely watched. “Capital expenditure numbers should be a positive for large infrastructure companies,” Mukadam said, pointing to names like L&T and Adani Ports.

Defence stocks, she added, are inching up slowly on strong order books, though valuations remain expensive. She suggested buying them in small quantities and holding for five to seven years.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)

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