The arrival of the monsoon and the national budget are famed to move India’s financial market like no other annual events. Delayed rains have caused much nailbiting this summer. So has Monday’s budget.

Expectations are running high that a new government – barely two months into the job – will usher in a new era of fast-paced economic reforms to spur economic growth in Asia’s third largest economy. Giddy market predictions have the Sensex, the benchmark index of shares on the Bombay Stock Exchange, climbing towards 21,000 points from 14,650 in the months ahead.