“The budget was underwhelming for markets, except for middle-class tax relief, leading to a reversal of early gains. Mid and small-cap stocks saw bigger losses, with the infra, capital goods sectors leading losses due to a modest capex outlay. PSU stocks, especially in railways and defence, dropped after rallying on hopes of higher allocations.
In contrast, FMCG, auto, and consumer-oriented sectors gained on expectations of higher demand post-tax relief. Increased agriculture and allied sector allocations raised hopes of continued recovery in rural demand, benefiting select market segments.”
Satish Chandra Aluri
CFA
Lemonn Markets Desk
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