Moneycontrol Bureau
Union Budget is a non-event for the market and not worthy of the expectations that P Chidambaram might have stoked in his commentary in the past. There are some irritants for the market. The surcharge has gone up. There is a super-rich tax, bank’s convention interest rate subvention will go up which is not very good.So all of these things are irritants.
The Sensex was up 53.45 points or 0.28% at 19205.86, and the Nifty gained 8.10 points or 0.14% at 5805.00. Get full Budget coverage: http://www.moneycontrol.com/budget2013/
On the other side there are small palliatives like the Securities Transaction Tax (STT) going down on the other hand Commodities Transaction Tax (CTT).
"Barring a couple of small things like a road regulator or the investment allowance which has come in for infrastructure and a very small attempt at getting the savings rate higher. There is no big bang announcement in this Budget which can re-stroke growth and that is what everybody was looking for," says Udayan Mukherjee, Managing Editor, CNBC-TV18.
On other issues on investments and growth, the FM has not made the big announcements which the market was hoping for.
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