Too conservative or well balanced? How brokerages interpret Budget 2022

These brokerages houses are bullish on banks and capital goods.

The Budget 2022 proposals have mostly got a thumbs-up from most brokerages, who believe the government has doled out enough incentives via capex outlay to push demand. Here's a quick look into how they have interpreted the Budget math and the sectors they remain bullish and bearish on in this backdrop.

Morgan Stanley

The budget maintains a pro-growth bias with slightly looser-than-expected fiscal deficit targets. The government's estimates for the fiscal deficit are higher than we expected at 6.9 per cent of GDP for F2022 and 6.4 per cent of GDP for F2023. We are looking at a