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India’s equity benchmarks are likely to open little changed on Monday, following a broad-based sell-off during a special trading session on Sunday, as the federal budget failed to deliver on key measures to draw foreign investors. Gift Nifty futures were trading at 24,869.5 points as of 8:00 a.m. IST, indicating the benchmark Nifty 50 index will open near Sunday’s close of 24,825.45. The benchmark indexes slid about 2% the previous day, logging their biggest percentage drop on a budget day trading session in six years, as investors digested the government’s budget for fiscal year 2026-27. Analysts at Jefferies said the lack of capital gains-related relaxations for foreign portfolio investors in the budget was a negative considering the outflows and weak rupee. Overseas investors have sold a record amount of Indian equities, totalling $22.9 billion since 2025, and the rupee has weakened sharply to all-time lows. “An increase in Securities Transaction Tax on futures and options would also dampen some equity market sentiments,” Jefferies added. “While DII (domestic institutional investors) buying could offer some support, near-term sentiment remains cautious to mildly bearish as market participants reassess positioning in anticipation of higher F&O costs,” said Ponmudi R, chief executive officer of Enrich Money.