CNBC-TV18 reports on how the global brokerages are viewing the Budget and whether it has met their expectations.
DSP Merrill Lynch states that tax changes overshadow fiscal consolidation. They feel that it is likely to disappoint the stock market due to taxation on software and construction. According to them, it overshadows success in controlling fiscal deficit and also the hike in infrastructure spend.
On the other hand, Citigroup states that the Budget's focus was on continuity, inflation control and wider tax net. With regard to the macro policy, status quo is the choice. They believe that the measures to cut inflation and the measures to tax exemptions hurt specific sectors.
According to CSFB, the Budget was mildly negative due to increase in dividend tax. They felt that there was a lack of any major positive tax or growth initiative and they felt it was more negative than expected. They also stated that the market reaction has impact priced in immediately. They felt that the fall in technology stock prices was excessive.
Goldman Sachs stated that the Budget consolidates recent gains in revenue over performance. The tax proposals negatively affect construction, IT and cement. The tax proposals positively affect telecom and healthcare.
DSP Merrill Lynch 
