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“This Budget is all about MSMEs. MSME means banking growth and consumption and we have got relief for all types of tax brackets and could not have asked for more. There’s capex push with Rs 7.5 lakh crore becoming Rs 10 lakh crore. Markets are going to take a day or so. Next week onwards, 18,500 is on the cards.”

It is an extremely well-balanced Budget focussed on growth driven by capital expenditure while giving an adequate push to rural welfare and agriculture. The Budget has delivered on all the expectations very well. In the short term, we expect the markets to move higher on the back of pro-growth measures announced and less fear of the government crowding out private investments due to fiscal prudence shown by the government

The defence sector saw a decline in stock prices on Wednesday as the government allocated less money to the sector in its budget than it did in the previous year. The outlay for the defence sector in FY24 is Rs 4.3 lakh crore, an increase of just 5.5%. In FY23, the defence ministry was allocated Rs 5.25 lakh crore, which was 13.31% of the total Budget

The fees are equivalent to around 0.5% of the 200 billion rupees raised in Adani Enterprises Ltd.’s offering, said the people, who asked not to be identified as the information is private.

“FII exodus has come out of the relative valuation of India versus the world and this Budget was not something that could have completely changed sentiment because the government has to do fiscal consolidation. They have to stimulate growth and they have done both. This is the reason why the immediate reaction has been positive but the Budget cannot change market valuations.”

The Nifty Pharma index closed 0.04 per cent down at 12355.8.

Shares of HDFC Life Insurance nosedived 12% to Rs 510.30, while SBI Life Insurance plunged 9% to Rs 1,119. The country’s largest life insurer Life Insurance Corporation of India (LIC) declined 5% to Rs 618.40. Max Financial plummeted 10% to Rs 752.10. PB Fintech dropped 7% to Rs 397.25.

Jubilant has been expanding aggressively over the last few quarters to smaller towns and cities in the country, which further weighed on its profit margins. The company, which also has franchise rights for Popeyes outlets in the subcontinent, opened 64 stores in India during the quarter, entering 16 new cities.

“If someone wants to add positions in the market, banks are the best way of doing it. So, 40% weightage in Nifty and obviously you would like to participate in the economy related sectors and therefore if you just look at that, banks automatically become the first choice. So it is very, very normal.”

"The policy on the replacement of old polluting vehicles should accelerate the transition towards EVs, which is in line with the Budget’s aim to spur eco-conscious lifestyles. Overall, we are happy with the budget as it is inclusive, and progressive and will encourage investments in the EV sector," Korimerla added.