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“The upcoming budget holds promise for retail investors, particularly with expectations of tax relief in the lower income slabs. If the government reduces tax rates for smaller taxpayers, it could lead to higher disposable income in the hands of the common man. This increase in purchasing power has the potential to boost consumption, indirectly benefiting the stock market by spurring growth in consumer-driven sectors.

From a capital market perspective, we also hope for measures to improve sentiment in the wake of current macroeconomic challenges. While it may be optimistic, a reduction or moderation in capital gains tax or Securities Transaction Tax (STT) could significantly improve market dynamics. Such steps would not only support domestic retail participation but also make Indian equities more attractive to foreign investors. This could help counteract FII outflows, stabilize the rupee, and enhance the overall investment climate. A budget addressing these areas would be a welcome boost for the broking industry and retail investors alike.”