Sudip Bandyopadhyay, Director and CEO, Reliance Money said the markets had too much expectation from the budget, which were quite unrealistic and so were not fulfilled. “I don’t think the government was supposed to announce any major foreign direct investment (FDI) inflows into the country through the budget document, nor was it possible to announce large-scale PSU disinvestment through the budget document,” he added.
He further said, yesterday’s fall could be looked as a buying opportunity. According to him, markets were still a little expensive and there could be more corrections in the markets. “I think any long-term investor should look at it as a buying opportunity, pick up the sector, pick up the stock and invest for the long-term,” he added

Commenting on different sectors, he said, “I think consumer durable, consumer non-durable companies will benefit very clearly. Infrastructure and education are sectors that will benefit as well.
Here is a verbatim transcript of the exclusive interview with Sudip Bandyopadhyay on CNBC-TV18. Also watch the accompanying video.

Q: Where does the market go from here? More importantly, do you think there is a need to readjust expectations or do you think we are making too much of a call because this is by and large a public document and it is not supposed to tell us about FDI and infrastructure investments? Are we just jumping the gun? Should we just wait a month or two and let the government roll out what it is supposed to roll out in a document other than the budget?

A: Absolutely right. Expectations have been built around the budget, which was quite unrealistic. I don’t think the government was supposed to announce any major FDI inflows into the country through the budget document, nor was it possible to announce large-scale PSU disinvestment through the budget document.

Yes, of course a statement of intent could have been made but that is just that. It is just an intent. How the government is going to bridge the revenue deficit, the budget deficit, that is a huge area of concern and the market is worried about that.

But the fact is, these things cannot be handled in a budget document. This has to come subsequently. I am pretty confident that these are going to come.
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