Key Points
Stock traders were ready with "band, baaja" on Budget Day but the "baaraat" (party) came a day late as market participants were able to grasp the full implications of Nirmala Sitharaman's no-compromise Budget only the next day..
"The market probably looked at global clues and fell yesterday..
As Sitharaman managed to meet fiscal discipline without compromising on capex thrust (Rs 11.11 lakh crore), brokerages welcomed the move saying India is doing the right things.. Nifty, which ended 26 points lower on Budget Day, has been broadly stuck in the range of 21,200-21,900 for the last couple of weeks...
Following the sharp decline in bond yields consequent to the net market borrowing which has been kept low at Rs 11.75 trillion, PSU bank stocks rallied up to 20% on Friday with PSB, PNB, Bank of India, and Indian Overseas Bank leading the upside momentum...
There is also a notable increase in the PLI scheme for the pharma sector, which could benefit select companies," HSBC said.. Axis Securities has picked SBI, Bank of Baroda, Ultratech cement, Nestle, Britannia, Amber Enterprises, Praj Industries, PNC Infra, Ahluwalia Contracts, Jindal Stainless, Tata Power, Waaree Renewables and Coromandel International among its list of Budget beneficiaries...
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