“However, it is noteworthy that foreign investors pumped in money on the day of election results as the mandate became clear,” said Vidya Bala, Head – Mutual Funds Research at FundsIndia.

As per the system being worked out by the Revenue Department, the taxpayer will get full refund from his jurisdictional officer once the claim is sanctioned, while at the back-end the Centre and states will apportion the amount to be paid to each other.Currently, once a taxpayer files refund claim with the jurisdictional tax authority, say the central tax officer, then he would clear 50 percent of the claims, and the remaining is cleared by the state tax officers after further scrutiny.

If he hangs his boots, railways minister Piyush Goyal, who served as the interim finance minister when Jaitley was undergoing treatment, may step into his shoes. However, other names are also doing the rounds for this post. 

“In this environment, we expect domestic cyclicals which include industrials and financials to outperform,” said Vijay Chandok, managing director and chief executive officer, ICICI Securities.

The group, headed by former RBI deputy governor H R Khan, has also pitched for liberalised investment cap, review of prohibited sectors for foreign investment for FPIs, permitting FPIs for off-market transactions and review of restriction on sovereign wealth funds for investment in corporate debt securities.