The news channels hyped up the budget and raised expectations to sky high levels.
The Budget was a good one considering the time the government had to prepare it.
It was not good considering the expectations set out by the Economic Survey.
Removal of FBT, GST roadmap, Commodity Tax roll back all are good signs.
As the FM pointed out budget is not the only forum for reforms.
One more good signal was that the government is not going to let stakes in companies fall below 51 pc. This clears all the speculation on disinvestment.
The next triggers for the markets are the monsoons as well as Q1 results. Q1 results should be as per expectations.
Monsoons remain a cause for worry.
To add to it, the benchmark 10 year bond yield has crossed 7 per cent. This will make borrowing more expensive for the corporates.
I feel the markets may not run away from here. Let us keep watching how things pan out.
The market has now changed into a sell on rallies market from a buy on dips market.