Budget buzz: Tracking post-budget sectoral winners and losers

Announcements in the union budget are typically long-term and strategic, which fructify over the long term. That said, market participants are typically quick to respond and some volatility is typically seen in the week of the budget.

What have we done?

We analysed the one-week price movement post the past 11 budgets of all the major sectors. In the detailed table below, we have listed the sectors that have been the top 3 performers - positive and negative.

In the table below, we first quickly summarise the results:

• Pharma comes out as the clear winner - being one the top 3 performing sectors 6 out the past 11 times.
• This is followed by metals, which has a kind of mixed performance. While it has been in the top 3 positive performers 6 times, it has also delivered negative returns 4 times
• At the other end of the spectrum - we have realty, which has delivered negative returns 5 out of 11 times followed by infrastructure, which was negative 4 out of 11 times.

Please note that infrastructure is a very broad index and covers multiple industries from construction, power, telecommunications etc

Detailed sector-wise performance:

Source: NSE and BSE.

Note: The sectoral returns are based on NSE’s sectoral indices, except in the case of Oil & Gas where we have taken the BSE’s sectoral index. Except for 2024, all performances have been analysed post the full budget.