Budget 2013-14 has received mixed reactions from stock market participants, with some terming it as "good for capital market", while others saying it is not "market friendly".
The proposal to promote launch of more Infrastructural Development Funds and allowing issuance of tax-free bonds would be a boost not only to infrastructure sector but, also to the proposed debt segments on the exchanges where these could get traded, he added.
On the other hand, IndiaNivesh Securities' Head Research Daljeet Kohli said, "This is not a market friendly budget as there is nothing good in this year budget provision.
"Also nothing has been done on revival of capex cycle which is a major road block for economy growth. On the state of equity markets nothing was announced to encourage retail investors to participate in Indian markets."
Stock markets gave thumbs-down to Finance Minister P Chidambaram's Budget 2013-14, with BSE benchmark Sensex nosediving 291 points to close below 19,000 level as FII tax issues and new surcharge on domestic corporates left investors disappointed.
Terming the budget as a missed opportunity, Nomura economist Sonal Verma said in a research note that "slippage" in the budgeted fiscal deficit of 4.8
"While the Finance Minister has, we believe, presented a prudent budget, the question is whether the numbers are achievable," Nomura said.
Another market expert, Krishnakumar Karwa, MD, Emkay Global Financial Services said, "Budget provisions are pragmatic, balanced and realistic within the current economic constraints and political realities.
"There are no big bang or populist announcements. It should go a long way in attracting long-term investors, though short-term investors may be bit disappointed."
According to KPMG India CEO Richard Rekhy: "Duly recognising the prevailing fiscal and economic impediments, the FM seems to have lived up to the expectations of India Inc in presenting what can be termed as a popularistic and a rather progressive budget aimed at sustainable growth and economic development for the nation."
"The country's last budget before the next year elections largely remained a non-event, with no revision in tax slabs, and no big surprises, the industry and stock markets were looking forward to," said Vikas Jain, Founder, Aditya Trading Solutions.