Budget 2019: Many positives, but lower tax mop up could derail fiscal math

The initial market response to the Budget was negative. While the major indices did not fall much, the sell-off came later and across the board, indicating that the disappointment was widespread. Indeed, there’s wasn’t a single major sector where shares responded positively, as a group. The Advances-to-Declines ratio (AD ratio) for the National Stock Exchange (NSE) NSE was at 476 advances versus 1,265 declines.

In broad terms, the market sees the hike in customs tariffs for a wide range of items as negative, since it all affect cost inputs across a swathe of industries. Passing on those costs at a time