So what did the Budget have in store for the markets? CNBC-TV18 reports.

Wednesday has been a wild ride on Dalal Street. Trading opened 600 points down on the Sensex as the markets fell under the weight of poor global cues. The recovery had barely begun, when the Finance Minster began his Budget speech.

He went on to announce the introduction of delivery-based short selling and stock lending and borrowing. It was the only reform announced in a two-hour long speech - even though no timeframe has been committed as yet. 

Commenting on the same, Nimesh Kampani, Chairman, JM Morgan Stanley says, "Short selling by institutions to be allowed, lending and borrowing allowed - most were done outside India is a welcome step."

But no one's welcoming the next announcement - to raise Dividend Distribution Tax for corporates from 12.5% to 15% and from 12.5% to 25% for money market and liquid mutual fund schemes.  

Vallabh Bhansali, Chairman, Enam comments, "The shock is the Div Dist Tax. Tax the rich, while money goes to various others, strategy to allow short selling may be last reform measures."

But P Chidambaram had an explanation, "If dividends had gone into the investor hand and taxed - investors would end up paying a 20% tax return." 

That defended, but many of his other moves have hurt the market - especially in cement. The linking of tax to selling price and the imposition of Minimum Alternate Tax on IT companies. 

But Uday Kotak, Vice Chairman, Kotak Mahindra Bank says, "It could have been worse - he has not touched capital gains. May not be good for it or cement, so they will no longer be the sunrise sectors."

And so, the markets came out of the Budget another 200 points lower - the Sensex ending the day below 13000. Stirred, but not shaken!