The current market rally a month before the Budget proposals are announced on February 1 is the best in over a decade, with the S&P BSE Sensex and the Nifty50 indices gaining over six per cent so far in calendar year 2018 and crossing the 36,000- and 11,000-levels, respectively, for the first time ever on Tuesday.

Though most analysts do not expect the proposals to be hugely populist, brokerages would keep a close watch on how the government manages the fiscal situation a year before the country goes to polls scheduled in May 2019, and changes, if any, to the existing norms of ...