Jefferies, says the official year-end target for Nifty for December 2021 is 15,800 and that continues to be the scenario.
Have the markets overreacted to a good Budget or is this a normal reaction and it could be called a relief rally as the Budget has turned out to be a no-harm growth-oriented Budget? Is the move sentiment-driven or a fundamental adjustment?
It is a kind of a relief rally in the sense that as we went into the Budget, the expectations were quite low and the Indian market had corrected by 6% or so in the previous week and we were underperforming. So, there was an element of scepticism. After seeing so many Budgets for the last so many years, which turn out to be a non-event, this one was not and it is a no-nonsense and very honest Budget. It is a very, very clean Budget in that sense. Yes, it is growth-oriented and multiple positives came in and with the low expectations. So, the 5-6% move that we have seen in the market since the announcement of the Budget is proba