Amitabh Chakraborty of Religare Capital Markets is optimistic. “Any disappointment from the Budget will see the market react negatively, but only for the short term. As the dollar weakens, the excess worldwide liquidity will come into emerging markets.” As for the impact on capital-raising plans, he says: “If the market corrects, QIPs will happen at lower valuations. Funds that are reluctant to commit money will be attracted by the lower valuation.”

In addition to IPOs, corporates plan to tap other avenues as well: follow on public offers (FPOs), rights issues, and QIPs. Data compiled by Prime Database says that the first set of IPOs/FPOs to hit the market post-Budget will be from 19 companies that have already received the Sebi’s approval to raise Rs 8,959 crore. This includes two public sector units — NHPC (Rs 2,500 crore) and Oil India (Rs 1,400 crore).