Budget of 2011 - 12 turned out to be a non-event as expected. Good thing was that there was no roll back of the duty cuts given to the Industry in 2009. Disappointment stems from the lack of any reform initiative especially in the insurance and retail segments. This budget will not alter the course of our markets in any significant way. Tensions in the Middle East and the rising crude prices will influence sentiments in the coming days. Since these tensions are not likely to last very long we recommend buying into the market at the current levels in a staggered way to take advantage of any negativity that stems from the global environment.
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