New Delhi, Feb. 1 -- The Indian stock market declined in intraday trade on Saturday, February 1, despite an income tax relief package that slightly exceeded Street expectations, as announced by Finance Minister Nirmala Sitharaman in her Budget 2025 speech. Finance Minister (FM) raised the exemption limit of income tax, announced a change in tax slabs, which she said will leave more money in the hands of middle-class consumers, boosting household consumption, savings, and investment.

There was a widespread expectation before the Budget that the FM would offer relief to middle-class consumers by increasing the tax exemption limit to Rs.10 lakh and tweaking tax rates for different slabs. Sitharaman announced that there will be no income tax...