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Daily Voice: Don't expect dramatic changes in market after Budget 2023, says this expert

"The impact of the budget has weakened over the years. There may be some short-term effects from CGT changes, but we do not expect any significant change in the trajectory of the markets after the budget," said Seshadri Sen of Alchemy Capital Management,

January 19, 2023 / 05:22 PM IST
FY23 was the glory year for banking – growth bounced back, and bad debt provisions fell off a cliff, said Seshadri Sen of Alchemy Capital Management

FY23 was the glory year for banking – growth bounced back, and bad debt provisions fell off a cliff, said Seshadri Sen of Alchemy Capital Management

"Some simplification of capital gains tax (CGT) is warranted, given the complexity of the current system. For example, the taxation across all equity categories (listed, unlisted, overseas) should be broadly similar," Seshadri Sen of Alchemy Capital Management told Moneycontrol in an interview.

However, one risk is that if the effective rate of equities CGT goes up, it would have a sharply negative effect on the market, he feels.

The Head of Research with more than 25 years of experience in Indian market, believes tech stocks look attractive from a medium-term perspective (more than one year). The stocks have underperformed in CY22 and this has stripped the froth off the valuations.

Growth has largely held up – while it could slow somewhat in CY23, it would not be significantly worse than long-term trend rates, Seshadri says. Edited excerpts from the interview: