Markets may be volatile post Budget 2026, but the long-term India story remains firmly intact. That’s the clear message from Dhiraj Relli, our MD & CEO, in his latest interview with CNBC_Awaaz.

He explained that the sharp reaction to the unexpected STT hike on F&O is largely a near-term, knee-jerk response. Over time, he believes markets will again focus on earnings growth and key macroeconomic cues rather than just one tax change.

In his view, most of the negative news, including Budget-related concerns, is already priced in. As a result, the downside from here appears limited, while the upside potential continues to be anchored in India’s structural growth trajectory.

Mr. Relli also noted that foreign portfolio investors are likely to remain selective in the near term as they weigh global opportunities, dollar returns and taxation. At the same time, strong domestic participation continues to underpin Indian markets.

For retail investors, he stressed that this is not a time for panic but a time for discipline. Staying invested, using staggered approaches like SIPs, and focusing on value rather than short-term noise can be a more effective way to navigate volatility.

On themes and sectors, Mr. Relli highlighted opportunities in consumption and low-ticket discretionary segments, banking across both PSU and private names with improving earnings visibility, telecom as an attractive long-term story, and select capital-market-linked businesses such as asset management companies.

As he emphasised, phases of volatility are inevitable, but they often create opportunities for investors who stay focused on fundamentals, asset allocation and their long-term financial goals.

Watch the full conversation with Mr. Dhiraj Relli on Budget 2026, market mood, and the future outlook here: https://www.youtube.com/watch?v=uXDNwWxOt_Q