Here are 15 companies that research houses believe could see significant impact due to the Budget proposals.
That prompted manufacturers to add jobs for the first time since June.
The HSBC India Services Business Activity Index, that tracks changes in activity at Indian services companies on a month-by-month basis, fell from 51.6 to exactly 50.0 in October.
The survey showed firms passed on a greater cost burden to consumers. Prices charged rose at their fastest pace since October.
The HSBC Manufacturing Purchasing Managers' Index, compiled by Markit, fell to 52.4 in August from 53.0 in July but chalked up its tenth month above the 50 mark that divides growth from contraction.
On price rise, HSBC said that the rate of cost inflation decelerated sharply while output prices were unchanged.
The survey showed firms' confidence regarding future business grew at the slowest pace in a year last month.
The headline HSBC Services Business Activity Index was at a 17-month peak of 54.4 in June rising from a modest 50.2 in May, HSBC said adding that 'the Modi wave has struck the service sector'.
The HSBC Services Purchasing Managers' Index , compiled by Markit, fell to 50.6 in August from 52.2 in July.
According to official figures, retail inflation in June touched its lowest mark at 7.31 per cent since January 2012.
The headline HSBC India Purchasing Managers' Index -- a composite gauge designed to give a single-figure snapshot of manufacturing business conditions -- stood at 53.3 in November significantly higher from 51.6 in October.
The pace of economic growth in emerging markets continued to revive from the stagnation seen earlier in the year.
The US Federal Reserve has decided to keep its stimulus programme intact and this in turn will lead to some respite for the battered emerging market economies, but it should also be borne in mind that tapering is inevitable in the medium term.
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The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, sank to 50.6 in June from 51.3 in May, signalling the weakest increase in output since May, 2009.
'China's economy continues to slow and the US Fed may still hike rates before the end of the year.'
Bumper liquidity as a result of global central bank stimulus measures should prevent a sharper downturn.
While selling started in April, it has intensified this month, with FPIs pulling out $1.1 billion and $2.5 billion from equities and debt market, respectively
India and the United States settled a dispute on Thursday that had paralysed the World Trade Organization and risked derailing a $1 trillion package of reforms.
The fuel reforms are a very important signal of the government's commitment to tough economic reforms.
'Experts are not ruling out further pain as global factors cannot insulate India from the aftermath.'
For now, the upside appears to offset damage done to exports by weaker global demand.
Signs of a strong pickup in hiring by companies are adding to the rosier outlook for Indian households.
RBI's surprise rate cut has revived sentiments of India Inc.
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