The way the markets have behaved right now, I think it will take a while for the markets to go up from here. But at the same time, whatever provisions are there in the Budget, I don’t really think the markets will fall much more from here because from the market point of view, there is only one major negative which is the increase in capital gains tax. Otherwise, I think people were expecting STT to increase, which has not happened. Corporate surcharge removal or reduction, which has not happened, is mildly negative. But overall, I think the Budget is decently well balanced.

At least for the time being I think the markets would continue be in the current range even for the next week. Like I was saying some time back, the downside is limited. Once people look at the fineprint in the Budget, I really don’t think it is as negative as people are making it out to be. For example, for the banking sector, I think this is mildly positive, although the market has taken it negatively because all said and done, these Rs 60,000 crore would have been written-off by the banks over the next 3-4 years. At least today you are getting a reimbursement for that. I would take it positively for the banks.

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