New Delhi, Jan 29 (IANS): Two important events are due this week: the interim Budget and the Fed meeting on rate decision. But these events are unlikely to impact the market in a big way, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The Budget will be a vote on account without major announcements capable of impacting the market, he said.

Regarding the Fed decision, no rate cut is expected, but the commentary will be keenly watched.

The turbulence in the Red Sea is turning out to be a serious issue. Brent crude has spiked to $83, he added.

Stock specific action in response to Q3 results and news is likely. LIC getting RBI approval to raise their stake in HDFC Bank is positive for the latter. Since FII selling is sustained and high the bears will use rallies to sell, he added.

BSE Sensex is up a massive 876 points at 71,577.23 points, up by 1.24 per cent. Powergrid is up 3 per cent, Kotak Mahindra Bank is up 2 per cent, Reliance Industries is up 2 per cent, L&T, Ultratech Cement, Axis Bank, Sun Pharma are up 2 per cent.