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There were neither any shocks nor pleasant surprises in the interim Budget, with no myopic measures being announced. The government did not bow down to the populist measures in the election year and kept the tax regime unchanged but ensured fiscal prudence. The fiscal deficit is set at 5.1%, significantly lower than expected.

Most global markets including the US and Asian peers showcased positive trends which also lifted sentiment.

Indian markets are sustaining a rally, fuelled by improving interest rate outlook in the US, moderation in crude prices, robust domestic macroeconomic data, renewed foreign inflows and growing optimism about policy continuity in 2024, following the state assembly election results.