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The Union Budget for 2023-24 has forced brokerages and equity market analysts to recalibrate their investment strategy. The Budget focused on public capital expenditure (capex) on infrastructure and modest income tax sops to the middle class.
The allocation for capex is up 33 per cent to a little over Rs 10 trillion, and brokerages have begun to tweak their model portfolio to include stocks that will gain the most from this spending push. Most are now overweight on cyclicals such as banks, steel, cement and construction, and infrastructure stocks.
Analysts also expect an improvement in private consumption in FY24 on the back of income tax sops, which is positive for consumer stocks.
