Deepak Jasani, Head of Retail Research at HDFC Securities, breaks down the Union Budget 2024 for CNBC Awaaz viewers. Here are the key takeaways:

• Market Reaction: Initial correction gave way to a rally as negative expectations were avoided. Don't expect a repeat of the June 4th election-day surge, as the budget's long-term implications need analysis.
• Positives: Lower borrowing and a reduced fiscal deficit are positive for interest rates, corporate profits, and foreign investor sentiment.
• Tax Changes: The market was prepared for LTCG tax tweaks.
• Winning Sectors: Infrastructure is a clear winner with increased capex allocation. Rural-focused sectors like agri-implements, tractors, consumer goods, and two-wheelers are poised for long-term gains. Defense stocks might see a correction due to lower-than-expected allocation.

Overall, the budget seems positive for long-term growth, with a focus on infrastructure development and rural upliftment. While some sectors might face short-term headwinds, the outlook appears optimistic.

For more details, watch the full video.