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.
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