Rural consumption stocks will benefit from Budget 2024: Expert

New Delhi, July 18: The bull market scenario in Indian equity indices is going to end soon, said Chris Wood, Global Equity Strategist at Jefferies in a media report.

Chris Wood said that in the last 10 years, the BJP-led central government implemented several structural reforms, the fruits of which we are seeing now.

“I think the bull market is nearing its end,” he said.

Chris Wood added that what is being seen in India now happened earlier, between 2002-09, which started with a boom in the property market and even tight monetary policy did not affect it. But the difference between the current cycle and the last one is the huge capex by the government which is seen in the current one.

“We have been in a bull cycle for the last three years, barring seven years of recession in the property market. The tightening of monetary policy has not affected this. Last year there was also an increase in private investment. I hope that the same trend can continue this year. If I am wrong then the stock market will not do well from here,” he said.

Chris Wood further said that his focus is on rural consumption stocks as this sector will benefit from the announcements made in the budget.

At present, more weightage in the portfolio is given to investment and consumption stocks. In the last one year, the National Stock Exchange (NSE) benchmark Nifty surged more than 24 per cent. From the beginning of this year, Nifty rallied 13 per cent, 14 per cent in the last six months, and 4.40 per cent in the last one month.