‘Can expect market correction of maybe 5-6%‘

Nitin JainEdelweiss

“I would rate the budget a 7 and a half on a scale of 10! Though it is a fairly well balance budget, the market expectations were really sky rocketing before this day. So I would not be surprised to see a market correction of maybe 5-6%. It is not close to the ‘Visionary document’ that people have been talking about. Overall, I would still say it is well balanced one. The levy on corporate taxation, rationalization of wealth tax, incentives by more expenditure towards infrastructure are all positives. But no where close to what markets were expecting.

For NBFC’s the SARFAESI law is a huge positive, for some infrastructure companies, especially in roads, the EPC companies should do very well. But that is where I would stop. There were much more expectations on infrastructure spending and more than all of this, the expectation on announcements for Banks as banks are in massive need for recapitalization and the budget fell short on those expectations but maybe those may follow soon.