Morning Update

Budget turns out to be a low voltage affair. Expectations of a positive surprise have been certainly dashed. Though this is certainly not a budget with any deep disappointments, yet lack of any imaginative proposals to kick start the economy and nervousness over the intention of the government to look into the origin of money flow into the Indian Markets from tax havens like Mauritius resulted in a sell off. We expect some more downside before the GDP slowdown gets fully factored in. Look out for buying opportunities on declines.