Key winners: Consumer, IT, IndustrialsKey losers: LI, AMC, cigarettes; Autos, RE (vs. expectations) FY21 budget tilted more towards fiscal conservatism, underwhelming high expectations given backdrop of weak macros. Fisc induced economic recovery can be pushed back a bit. While R.E. for FY20 fiscal deficit at 3.8% overshot B.E by 50bps, FY21 fisc deficit has been pegged lower at 3.5% - albeit driven by somewhat aggressive assumptions. While govt. followed on its stated path of simplifying tax regime and lowering tax rates, its approach seems more gradual. Focus on rural India has stayed - with allocation for agri+rural development rising 13% YoY - this should be consumption positive. A key disappointment was lack of material measures to heal the strained NBFC and real estate sectors.