New Delhi, Feb. 3 -- The budget is unlikely to cause a meaningful shift in the assessment of equities from a medium-term perspective, and so investors should look at markets through a fresh lens to identify which newer themes could emerge as winners, said Harish Krishnan, chief investment officer - Equity at Aditya Birla Sun Life AMC Ltd.

After the budget classified tax on buybacks as capital gains, some relief for buybacks may help return excess capital in a few mature companies, which can then be recycled into newer capital-intensive opportunities, said Krishnan.

Some consumer staples, even though they have higher price-to-sales ratios, are generating significant cash flows and could be a better bet than recent winners such as EMS (El...