Budget 2026: D-Street tanked 1,546  points despite ‘positive’ capex math; Nilesh Shah decodes the STT shock

According to Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company, the market's sour mood was almost entirely driven by the unexpected STT hike. The Finance Minister proposed raising the levy on futures to 0.05% (from 0.02%) and on options premium to 0.15%. In some segments, this translated to a steep 150% increase.