In this video, BusinessLine’s Aarati Krishnan explains why the Budget speech for 2022-23 left the stock markets in a buoyant mood while depressing Indian bond markets. With corporate taxes in India already trimmed to 22 per cent and the advent of GST reducing the room for sector-specific sops, expectations that the Union Budget will offer a leg-up to corporate earnings and thus to stock prices, have significantly diminished in recent years. This perhaps explains why the Sensex, which was already up over 800 points when the Finance Minister began her speech, saw no reason to lose cheer, even after she concluded her speech without handing out material tax breaks to India Inc.