Markets see best pre-budget rally in 12 years

Most analysts believe that the budget would be less relevant after a few weeks as focus would again shift to global events, macroeconomics and earnings

With a gain of 6.7% thus far in January 2018, the S&P BSE Sensex has seen the best run in one month prior to the Union Budget presentation in over a decade. The last best performance was way back in February 2006, when the index had gained around 5%, data show.

The recent rally, analysts say, comes on the back of a liquidity super-cycle and buoyant global equity markets and not just budget expectations that are getting frontloaded ahead of the event.

"I don't think the up move is happening