Delayed Reaction

Delayed Reaction Nishtar THE stock market has set its sights lower. The mood of cautious optimism discernible on the eve of the general budget has given way to a feeling of disappointment, Pre-budget optimism was attributable partly to the not-so- harsh hike in railway freight rates and passenger fares and partly to the optimistic tone of the Economic Survey certifying that the economy which had given a "generally satisfactory" performance in 1970-71 was better poised to tackle the formidable problems con- fronting it. Even though its expectations of a saving and investment oriented budget had been belied, the market presented a fairly steady front during the special budget session on Friday evening. It seemed to take comfort in the thought that the Finance Minister could have easily assumed a more radical posture in evolving his fiscal strategy.