Zee Business Budget ‘Samvad’ @ BSE: D-Street veterans discuss market, MF and more with Anil Singhvi

Budget 'Samvad' 2026: India’s post-Budget market mood took centre stage at the Bombay Stock Exchange as Zee Business hosted its flagship platform Budget Samvad 2026, bringing together some of Dalal Street’s most respected voices. Zee Business Managing Editor Anil Singhvi spoke to market experts Ramesh Damani, Saurabh Mukherjea, Lakshmi Iyer and Deepan Mehta on where stocks, mutual funds and key sectors could head after the Budget. With markets near all-time highs, the focus was firmly on what investors should expect in 2026.

A post-Budget roadmap from Dalal Street’s biggest names

The session, broadcast live from BSE, offered a rare mix of market insight and long-term strategy. Experts pointed to continued strength in PSU stocks, growing focus on rare earth minerals and the likely impact of the STT hike. They said the Budget largely stays on the same track, but investors should avoid getting carried away. The broader view remains positive, though global risks are still in play.

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Ramesh Damani: ‘The Budget is good, the market is in the right direction’

Investor Ramesh Damani struck an optimistic tone, calling the Budget supportive for markets.

“The Budget is good for the market. The world is changing, and India is moving in the right direction.”

Damani highlighted how PSU stocks have led the recent bull run, creating significant wealth for investors.

“PSU companies are leading the bull market. People have made good money there.”

He also pointed to the strong momentum in India’s digital infrastructure push, especially in data centres and technology-led growth.

Rare earths and technology: ‘Modern economies can’t function without them’

Damani underlined the growing strategic importance of rare earth minerals, linking them directly to India’s industrial and technological ambitions.

“No modern economy can function without rare earths.”

He noted that sectors like data centres, semiconductors and critical minerals could define the next decade, with the government pushing to strengthen domestic capacity.

Saurabh Mukherjea: Foreign money may return within a year

Saurabh Mukherjea offered a forward-looking view on global capital flows, suggesting that foreign investors could come back sooner than expected.

“Foreign money will return over the next one year.”

He also pointed to recent global trade developments, calling the US-India trade deal historic.

“Two major trade deals in just 10 days - this is the beginning of a new era.”

However, Mukherjea flagged some risks:

• Higher capex could push borrowing costs up
• Pressure on IT may impact the rupee
• White-collar jobs could face disruption in the coming years

Lakshmi Iyer: STT hike was a ‘shock’, but patience is key

Lakshmi Iyer described the Securities Transaction Tax (STT) move as one of the Budget’s biggest surprises.

“The STT change was like a bombshell.”

Still, she urged investors not to panic, pointing out that the Budget reflects stability and continuity.

“The market requires patience and balance.”

Iyer added that 2026 could well turn out to be the year of equities, provided investors stay disciplined.

Deepan Mehta: Pharma and speciality chemicals may outperform

Deepan Mehta focused on portfolio strategy over the next three to four years, stressing that equity remains the strongest long-term asset class.

“Equities can deliver better returns going forward.”

He identified key sectors to watch:

• Pharma
• Speciality chemicals
• Long-term domestic growth themes

“In three to four years, portfolios could look much stronger.”

Big signals from Budget Samvad 2026

The discussion highlighted clear trends that may shape the market’s next phase:

• PSU momentum remains strong
• Data centres and tech infrastructure are emerging as key themes
• Trade deals and FTAs may unlock a fresh growth cycle
• STT changes could alter short-term trading behaviour
• Experts see 2026 as a potentially strong equity year

Budget Samvad was not just about immediate market reaction - it was about understanding India’s longer-term direction.

The consensus from market veterans suggests:

• India’s growth narrative is still solid
• Structural reforms are continuing
• Global trade dynamics may increasingly favour India

When seasoned investors sound confident about the long-term picture, it signals deeper strength beneath the market’s highs.

For investors, the message was clear:

• Stay focused on long-term opportunities
• Track sector rotation carefully
• Watch foreign fund flows closely
• Research PSU, pharma and speciality themes
• Be mindful of volatility in IT and trading costs after STT changes

FAQs:

Q1. Will the post-Budget rally continue?
Experts believe the long-term trend remains positive.

Q2. Are PSU stocks still worth watching?
Yes, but stock-specific research is essential.

Q3. Will the STT hike affect traders?
It may impact short-term trading patterns and costs.

Q4. When could foreign investors return?
Veterans expect foreign flows may improve over the next 12 months.

Q5. Which sectors look promising?
Pharma, speciality chemicals and tech-led infrastructure themes.