I see the budget incrementally more positive for hitherto laggard sectors like real estate, infrastructure, coal mining and power as well as infrastructure financing companies/ banks. It is also positive for discretionary consumption sector. It is neutral for IT and pharmaceuticals while being somewhat negative on the tobacco sector due to higher taxation. I am disappointed with the effective increase in dividend distribution tax. The increase in capital gains tax on debt funds and the longer period of holding to qualify for long-term capital gains would dampen the sentiment towards this instrument Overall a good budget that will improve the sentiments in the markets.

"From the economy perspective, the government has laid down broad framework for growth and in the coming years we can expect the implementation of these broad economic policies. Also, FDI in defense upto 49% and raising of cap from 26% to 49% in insurance sector reflects the governments fresh initiatives for FDI. This will open up gates for foreign investments in other sectors too. "

"As expected, the new government didn't come up with any big-bang changes to what was introduced in the interim budget by the UPA government. However, markets are disappointed on the fiscal consolidation front. The budget didn't speak anything about the rationalization of subsidies which was widely expected by most market players. The subsidy estimate of Rs 2.51 lakh crore for this fiscal is not much different from what was estimated in the interim budget. The markets appreciated the fact that the government has given a realistic picture on fiscal deficit by pegging it at 4.5% of GDP for current fiscal. The FM pegged the FY 2015-16 fiscal deficit target at 3.6% which we believe is once again slightly rosy considering the prevailing economic situation and the state of economic activity globally. The disinvestment target at Rs. 43,425 crores is very much achievable considering current market valuations and rising risk appetite among retail investors. Overall, we feel the budget is a pretty balanced and is in line with market expectations."

"The budget highlighted the new government's rational approach to policies for taxation, government spending and growth. Infrastructure, Real estate & Finance sectors were amongst the biggest winners, with measures to improve funding availability to infrastructure & low-cost housing and providing a boost to REITs and bank infra lending. The budget's focus on rationalizing tax arbitrages and anomalies across various items, acknowledging need for taxation clarity on retrospective amendments, advance rulings, etc. was also welcome. No major spending binge was announced and fiscal prudence was also maintained. FDI in defence & insurance was also a step in the right direction. Overall, the markets can continue to look forward to an improving outlook for the Indian economy, spelling positive for Indian equities."

"Enhancement of the exemption limit for the general category of individual taxpayers from INR 200,000 to INR 250,000; Increase in the exemption limit of home loan interest payable from 1.5 Lakh to 2.0 Lakh and increase in exemption under section 80C from INR, 1.5 lakh to 2 lakh is a positive move. Increase in disposable income in the hand of common man will in turn increase the spending power and boost domestic investments. This increase will promote home ownership in turn give boost to the housing sector and other related industries like steel, cement, brick, wood, glass."

Excise duty cut to boost recovery process in automobile industry, with PVs expected to benefit the most. We expect excise duty cut to be passed on to the customers. In Dec-08, excise duty was cut by 4% across the board, driving demand recovery for 2Ws (24% growth in FY10), small cars (~30% growth), UVs (~20% growth), PVs (27% growth) and CVs (32% growth). While excise cut would provide short term boost, improvement in underlying economic environment would be key to sustained recovery in demand.

"The fiscal deficit for FY2014 has been positively reined in at 4.6% of GDP vis-à-vis market expectations of 4.8% of GDP. At least in the interim budget, the Finance Minister has estimated the fiscal deficit target for FY2015 at 4.1% of GDP presuming higher GDP growth and tax buoyancy but it remains to be seen whether the estimates are unchanged by the new government that comes to the helm over the over the coming 2 - 3 months. The market borrowing program is estimated to be slightly lower than market expectations and that is likely to be positive for yields at least in the near-term. Excise duty cuts have been announced for sectors facing the major brunt of the slowdown and hence the cuts for automobile production are positive for the automotive sector and for capital and consumer durables goods production spells good news for the manufacturing sector. Going ahead, I believe that the general elections over the coming 2 - 3 months are likely to take centre-stage for equity markets and their outcome would be crucial for determining market direction."