Markets Look Miffed Post Maiden Budget

Though proposals related to the capital markets took up a chunk of airtime in Nirmala Sitharaman’s maiden budget speech, the stock markets were not particularly thrilled at the Union Budget for 2019-20. Market participants were expecting some dose of revival for the economy, which lost the steam of growth and wished that the Finance Minister would present the budget, which will not only kick-start the slowing economy but will also give some direction to lost  financial markets. Instead, Sitharaman’s maiden budget not only lacked adequate incentives, but certain proposals absolutely failed to strike a chord. Schemes such as Super Rich Tax, hike in public shareholding limits for listed companies and ambitious disinvestment target set for the Financial Year 2019-2020 (FY20) proved to be detrimental for the market and has caused irreparable damage to market sentiments. This...