1) Fiscal deficit
This is one of the most important things that would be eagerly awaited. Markets are expecting the government to work with a figure around 4.4 per cent of GDP for 2014-15. However, anything higher than that may not go down well with the markets, particularly if it's closer to 5 per cent.
2) The fiscal deficit arithmetic
The arithmetic pertaining to the fiscal deficit assumes significance given that expenditures has always been under reported and revenues have been estimated to be buoyant in the past. Anything that looks overly exaggerated for example revenues from divestment or showing a subsidy figure that is way lower, may not go down well with the markets.
If the General Anti Avoidance Rule has been reverted to the same way, the then Finance Minister Pranab Mukherjee had recommended, it would go down negatively with the market. Given the market friendly policies that the government is known to initiate, it's extremely doubtful that you would hear anything on GAAR.
4) Stock market related initiatives
Stock market related initiatives would definitely lead to volatility in the markets. For example, a hike in the securities transaction tax or a reduction.
5) Industry specific announcements
Again analysts would closely watch policies related to specific industries like a cut in excise for some or an increase in excise for some. For example, if there is a excise cut on autos expect auto stocks to zoom. On the other hand if there are tax breaks for infra firms, expect stocks from the sector to rally. ITC would be closely watched for a potential hike in excise on cigarettes.
Then there are other things like Corporate Tax that could affect all of the companies, but, it's doubtful that would be touched. It's extremely difficult to think of anything that would disturb the buoyant sentiments that the markets are currently in.