The Budget turned out to be in line with expectations. There was no movement on the tax code, and many handouts coupled to pious sentiments about fiscal consolidation. The estimates also contain an implicit guarantee that deficits are being underestimated in assuming an average crude price of $115. The hope that subsidies will be held to less than 2 per cent of GDP frankly seem optimistic.

<p><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'>Local investors will become more bearish</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; '>But FIIs may continue to be net buyers to implement their 

Local investors will become more bearish

But FIIs may continue to be net buyers to implement their risk-on strategy

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