All eyes are now on the upcoming union budget 2021 which will be presented on February 01. Finance Minister Nirmala Sitharaman a month back said, "I want to see a post-pandemic budget never seen before in 100 years," and this raised hopes of reforms.

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However, Anand Shah, CEO of NJ Asset Management while speaking to CNBC-TV18, wasn't too hopeful.

“If you observe, budgets of the last many years, so many big decisions have been taken in between the budgets, also and to that extent, the importance and relevance of budget have over time reduced,” he reasoned.

“We will see more reforms in infrastructure, Make in India, Atmanirbhar; there will be more boost for same, it will boost for manufacturing, with the GST we want to simplify business. So it will more of this same structural, generally would not have a significant impact on the market in the short term. I would to that extent not really go gung-ho on the market run-up to the budget,” Shah added.

On markets, Shah said, “The good part is the economic recovery. The market normalisation is on and to that extent, we would see positive surprises on the earnings. One will have to look more bottom-up, look for more resilient businesses where we still have some value left and this is largely in the midcap, smallcap space where there is still some value left,” he added.

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(Edited by : Abhishek Jha)

First Published:Jan 11, 2021 1:19 PM IST