Equity Alert
Indices end sharply lower on STT hike; Nifty below 25000 pts
This story was originally published at 17:05 IST on 1 February 2026
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Equity Alert: Indices end sharply lower on STT hike; Nifty below 25000 pts
MUMBAI--1645 IST--Domestic benchmark indices ended sharply lower after Finance Minister Nirmala Sitharaman proposed a hike to the Securities Transaction Tax on futures trading in the Union Budget for 2026-27 (Apr-Mar) on Sunday. For the first time in almost four months, the Nifty 50 closed below 25000 points. Intraday, it hit a three-month low of 24571.75 points. Shares of metal companies and banks were the biggest laggards.
The Nifty 50 ended at 24825.45 points, down 495.20 points or 2%. The BSE Sensex closed at 80722.94 points, down 1,546.84 points or nearly 2%. Only seven constituents on the Nifty 50 ended higher and only four companies in BSE Sensex ended higher.
Index heavyweight Reliance Industries declined more than 3%, HDFC Bank fell nearly 1%, and ICICI Bank was down nearly 2%. Among metal stocks, Hindalco Industries was the worst hit in the Nifty 50 index. The stock was down nearly 6%. Bharat Electronics, Adani Ports and Special Economic Zone, Oil and Natural Gas Corp. of India, and State Bank of India fell over 5%.
On the other hand, Max Healthcare Institute and information technology stocks Wipro and Tata Consultancy Services were the top gainers. The three were up 2?ch. Infosys ended nearly 1% higher. Among pharma stocks, Sun Pharmaceutical Industries and Cipla ended nearly 1% and 0.4% respectively. Titan Co. ended marginally higher.
IT stocks, which started the day weaker, rose sharply after the finance minister proposed to club IT-enabled services, knowledge process outsourcing services, and contract R&D services relating to software development in a single category called information technology services with a common safe harbour margin of 15.5% for all. The government also raised the threshold for availing safe harbour for IT services to INR 20 billion from INR 3 billion.
Healthcare and pharmaceutical shares were up after Sitharaman proposed launching a scheme to support states in establishing five regional medical hubs in partnership with the private sector. "These hubs will serve as integrated healthcare complexes that combine medical, educational and research facilities," the finance minister said.
All the broader indices ended in the red. Nifty Smallcap 50 and Nifty Smallcap 100 fell nearly 3%. The Nifty Smallcap 250 and the Nifty midcaps ended 2% lower each. A nearly 12% fall in Multi Commodity Exchange of India weighed on the Nifty Smallcap 50 and a nearly 9?ll in Angel One weighed down on the Nifty Smallcap 100 index.
Among the sectoral indices, Nifty IT was the only one that ended in the green. It was up nearly 1%. Nifty PSU Bank was the worst hit, down nearly 6%. The index hit a one-month low of 8387.95 points.
Shares of capital market companies that facilitate futures and options trading ended lower after the finance minister proposed a hike in the securities transaction tax on futures trading to 0.05% from the present 0.02%. Tax on options premium and exercise of options was raised to 0.15% from the present rate of 0.1% and 0.125%, respectively. Motilal Oswal Financial Services, Angel One, Nuvama Wealth Management, and HDFC Asset Management ended 2-9% lower.
Bharti Hexacom was the top gainer on the Nifty 200 index. The stock was up over 3%. Global Health was the top gainer in the Nifty 500 index. It was up over 6%. Bharat Dynamics was the worst hit in the Nifty 200 index. It was down 10%.
Hindustan Zinc fell over 9%. Nifty 500 constituents Hindustan Copper, Hindustan Zinc, and National Aluminium Co. fell 8-13%. Hindustan Copper was the worst hit among the Nifty 500 constituents. (Adhithya Aji)
Equity Alert: Shares of textile cos mixed; Budget proposes plans for sector
MUMBAI--1540 IST--Shares of textile companies were mixed during the session amid the Union Budget for 2026-27 (Apr-Mar) proposing a slew of initiatives directed towards strengthening the labour-intensive sector. Finance minister, Nirmala Sitharaman, proposed an integrated program, which includes five subparts. The launch of the Mahatma Gandhi Gram Swaraj initiative, which aims to bolster khadi, handlooms and handicrafts, was one of the other key proposals by the finance minister regarding the sector. The budget also made provisions to bolster exports of marine, leather, and textile products.
Shares of Arvind Ltd. closed nearly 6% higher and were followed by those of Vardhman Textiles and Raymond, which rose around 4?ch. However, shares of Shoppers Stop fell nearly 4% and were followed by those of Lovable Lingerie and Kewal Kiran Clothing, which fell nearly 2% and 3%, respectively.
The integrated programme includes five subparts, such as the National Fibre Scheme that aims for self-reliance in natural fibres, man-made fibres, and new-age fibres. The second part of the proposed programme is the textile expansion and employment scheme, with the objective of modernising traditional clusters through capital support for machinery, upgrading technology, and common testing and certification centres. The proposal includes a National Handloom and Handicraft Programme to integrate and strengthen existing schemes and to ensure targeted support for weavers and artisans. To promote globally competitive and sustainable textiles and apparel, the programme includes the Tex-Eco Initiative. The last part of the integrated programme is 'Samarth 2.0', which aims to modernise and upgrade the textile training ecosystem by collaborating with industry and academic institutions. "Further, I propose to set up Mega Textile Parks in challenge mode. They can also focus on bringing value addition to technical textiles", Sithraman added.
The Budget also proposed permitting duty-free imports of specified inputs, which are currently accessible for exports of leather or synthetic footwear, to extend to exports of shoe uppers as well. The budget also proposed extending the time period for exports of leather or textile garments, leather or synthetic footwear and other leather final products to one year from six months. (Akshat Saksena)
Equity Alert: Nifty 50 Feb ends at discount of 33.65 points to spot index
MUMBAI--1536 IST--The February futures contract of the Nifty 50 closed at a discount of 33.65 points to the spot index Sunday. Open interest in the contract rose 6.2% to 19.36 million, according to provisional data.
--Nifty 50 closed at 24825.45 points, down 495.20 points or 2% vs Fri
--Nifty 50 February closed at 24791.80 points, down 624.60 points or 2.5% vs Fri
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 25500, Put: 24100
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 25500, Put: 24500
(Gopika Balasubramanium)
Equity Alert: Select cargo-related stocks off highs post Budget speech
MUMBAI--1511 IST--Shares of select cargo-related stocks came off highs after rising 2-6?ter Finance Minister Nirmala Sitharaman in her Budget speech for 2026-27 (Apr-Mar) announced establishment of new dedicated freight corridor and high-speed city rail corridors. At 1448 IST, shares of Container Corp. of India, VLR Logistics and JSW Infrastructure were up 0.2-1.2%.
Meanwhile, shares of Larsen & Toubro, RITES, Adani Ports and Special Economic Zone, and Allcargo Logistics turned red soon after rising post Sitharaman's announcement.
The government will develop high-speed rail corridors between cities as 'growth connectors' to promote environmentally sustainable passenger systems, Sitharaman said. This includes corridors such as Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bengaluru, Hyderabad-Chennai, Chennai-Bengaluru, Delhi-Varanasi, and Varanasi-Siliguri. She also announced the establishment of new dedicated freight corridors connecting Dankuni to Surat, operationalising 20 new national waterways over the next five years.
The INR 100 billion allocation for container manufacturing reflects the government's focus on strengthening railway-led logistics ecosystem by improving cargo mobility, lowering freight costs, and enhancing supply chain efficiency, Divyam Mour, research analyst at SAMCO Securities said in a note. "This is structurally positive for rail-linked logistics and equipment players, particularly Texmaco Rail & Engineering, which is well positioned in rail infrastructure and fabrication, and Container Corp. of India, the country's dominant container freight operator. Over time, improved rail freight economics should drive higher volumes, stronger revenue visibility for logistics providers, and incremental monetisation opportunities for the broader railway network," Mour added. (Arya S. Biju)
Equity Alert: Indices fall more as metals, banking stocks weigh; RIL down 3%
MUMBAI--1505 IST--Benchmark indices fell more, weighed down by a decline in banking and metal stocks. Only seven companies traded higher on the Nifty 50 index. The heavyweight stocks of Reliance Industries fell nearly 3% and weighed on the 50-stock index, along with the stock of State Bank of India, which fell 5%.
At 1458 IST, the Nifty 50 was at 24934.75, down 385.97 points or 1.5%, and the BSE Sensex was at 81129.68, down 1140.10 points or 1.4%. The Nifty 50 hit a three-month low of 24571.75 points after Finance Minister Nirmala Sitharaman presented the Union Budget for 2026-27 (Apr-Mar).
Shares of Oil and Natural Gas Corp., Hindalco Industries, State Bank of India, and Bharat Electronics were the worst hit on the Nifty 50 index, down over 4-5%. Financial services stocks of Jio Financial Services, Shriram Finance, Bajaj Finance, and Bajaj Finserv were down 2-4%. The heavyweight banking stocks of HDFC Bank and ICICI Bank were down 0.4% and 1%, respectively. Shares of Axis Bank were down over 2%.
Information technology stocks of Wipro and Tata Consultancy Services were up nearly 3% and over 2% respectively, and Infosys rose 1%. Healthcare and pharma stocks of Max Healthcare Institute, Sun Pharmaceutical Industries, and Cipla were up 0.2-2%. Titan Co. was up nearly 2%.
Most of the defence stocks traded lower. The Nifty India Defence was down over 4%. The stock of Bharat Dynamics, which fell over 8% and was the worst performing constituent in the sectoral index, was also among the worst hit among Nifty 500 constituents. In the Union Budget speech, Sitharaman said that defence spending has been revised to INR 5.679 trillion from INR 4.917 trillion.
All broader market indices were in the red territory with Nifty Smallcap 50 and Nifty Smallcap 250 down 2?ch. The Nifty Midcaps were down around 2?ch. A 7?ll in shares of Angel One weighed on the Nifty Smallcap 100 and an over 12?ll in the stock of Multi Commodity Exchange of India weighed on the Nifty Smallcap 50.
Among metal stocks, Hindustan Zinc was the worst hit in the Nifty 200 index, down nearly 10%. It was followed by shares of Bharat Dynamics and Muthoot Finance, which fell over 8?ch. Hindustan Copper fell over 12% to be the worst hit in the Nifty 500 index.
Stocks of Anant Raj, a real estate company which also has data centres manufacturing in its portfolio, rose over 6% to become the top gainer on the Nifty 500 index. The stock rose sharply after the finance minister announced a tax holiday till 2047 for any foreign company that provides cloud services to global customers using data centre services from India. This is expected to increase foreign investment in the sector. (Adhithya Aji)
Equity Alert: PSU bks down; analysts see profit hit as gross mkt borrow rises
MUMBAI--1458 IST--Shares of public sector banks fell after the Finance Minister Nirmala Sitharaman, in her 2026-27(Apr-Mar) Union Budget speech, said the government will borrow INR 17.20 trillion in FY27 through the sale of bonds on a gross basis, sharply higher than estimates, and up from a revised estimate of INR 14.61 trillion in FY26. Analysts have said that there will be a rise in yields of public sector banks bonds, affecting their profitability.
Shares of State Bank of India traded nearly 5% lower and fell the most among other Nifty 50 constituents. Outside the Nifty 50, Indian Bank, Bank of Maharashtra, and Bank of India were down 5-6%. The Nifty PSU Bank index fell almost 4% to 8661.90 points, recovering slightly from the over one one-month low it had hit earlier in the session.
According to an Informist poll of 30 economists, fund managers, and treasury heads, the government was seen targeting a gross borrowing of INR 16.30 trillion through dated securities, according to the median of the poll. "This level of borrowing will certainly drive up yields G-sec yields," an analyst from a stockbroking company said. "While I don't see a huge impact from this move, it cannot be denied that this will result in a profitability hit for public lenders," the analyst added. The analyst said that he was yet to build the numbers to calculate the impact on such banks' margins.
For FY27, the non-debt receipts and the total expenditure are estimated at INR 36.5 trillion and INR 53.5 trillion, respectively, Sitharaman said in her Lok Sabha speech. The Centre's net tax receipts are estimated at INR 28.7 trillion.
The government has announced the formation of a high-level committee to review the public lending sector and align it with the next phase of growth. The move is part of the government's Viksit Bharat initiative, Sitharaman said. (Eshitva Prakash)
Equity Alert: REC, PFC surge 4-6?ter Budget proposes restructuring of cos
MUMBAI--1339 IST--Shares of REC and Power Finance Corp. rose after Finance Minister Nirmala Sitharaman proposed restructuring the two non-banking finance companies in her Budget speech for 2026-27 (Apr-Mar). Shares of REC rose 4% to an intraday high of INR 380 and those of Power Finance Corp. rose nearly 6% to an intraday high of INR 401.45.
Sitharaman proposed setting up a "High Level Committee on Banking for Viksit Bharat", which will thoroughly review the sector to align it with "India's next phase of growth". The minister said the vision for the non-banking finance companies under the Viksit Bharat initiative is to target credit disbursals and technology adoption. The first step in the goal to improve the efficiency and scale of non-banking finance companies in the public sector, the minister proposed to restructure Power Finance Corp. and REC.
At 1327 IST, shares of REC were up over 1% at INR 369.20 on the National Stock Exchange. Over 17 million shares of the company have changed hands on the bourse so far during the session, higher than nearly 12.50 million shares traded on the bourse till the same time Friday. Shares of Power Finance Corp. were up over 1% at INR 383.40. Nearly 19 million shares of the company were traded on the bourse so far, higher than nearly 12.50 million shares traded on the bourse till the same time Friday. (Akshat Saksena)
Equity Alert: Healthcare shrs soar on Budget proposal to boost medical infra
MUMBAI--1330 IST--Shares of some pharmaceutical stocks surged after Finance Minister Nirmala Sitharaman in her Budget speech for 2026-27 (Apr-Mar) made announcements for enhancement and development of healthcare facilities in India. Sitharaman proposed to launch a scheme to support states in establishing five regional medical hubs, in partnership with the private sector.
"These hubs will serve as integrated healthcare complexes that combine medical, educational and research facilities. They will have AYUSH Centres, Medical Value Tourism Facilitation Centres and infrastructure for diagnostics, post-care and rehabilitation. These Hubs will provide diverse job opportunities for health professionals including doctors and AHPs (allied health professionals)," Sitharaman said. The finance minister also proposed to boost the medical tourism sector and said that the medical tourism and Heal in India will be promoted in partnership with the private sector along with capacity building and easier visa norms.
Amid widespread selling in the market, pharmaceutical stocks showed strength and managed to trade higher. Max Healthcare Institute was the top gainer in the Nifty 50 index, rising over 3%, followed by Sun Pharmaceutical Industries and Apollo Hospital Enterprises, gaining around 1?ch. Global Health rose over 6% and was among the top gainers in the Nifty 500 index.
To develop India as a global biopharma manufacturing hub, Sitharaman also proposed to launch Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology and Innovation) scheme. "I propose the Biopharma SHAKTI with an outlay of 10,000 crores (INR 100 billion) over the next 5 years. This will build the ecosystem for domestic production of biologics and biosimilars," she said. (P. Madhu Kumar)
Equity Alert: PSU banks down; govt to set up high-level panel on banking sector
MUMBAI--1324 IST--Stocks of public-sector banks plummeted during the Union Budget speech of Finance Minister Nirmala Sitharaman. The stocks fell sharply after the finance minister proposed setting up a high-level committee on "banking for Viksit Bharat". This is to comprehensively review the sector and align it with India's next phase of growth, while safeguarding financial stability, inclusion, and consumer protection, Sitharaman said.
At 1323 IST, the Nifty PSU Bank was at 8756.45 points, down 262.90 points or 2.9%. The sectoral index hit a one-month low of 8387.95 points. Shares of State Bank of India were down nearly 4%, making it one of the worst hit stocks in the benchmark Nifty 50 index. Shares of Union Bank of India, Bank of Baroda, Bank of Maharashtra, and Bank of India were down 4-6%.
The finance minister also said the banking sector today is characterised by strong balance sheets, historic highs in profitability, improved asset quality, and coverage exceeding 98% of villages. "At this juncture, we are well placed to futuristically evaluate the measures needed to continue on the path of reform-led growth of this sector," she said. (Adhithya Aji)
Equity Alert: IT, data centre cos up; govt to up focus on data centres
MUMBAI--1325 IST--Most information technology stocks came slightly off highs after having risen as much as 1.0-2.6% on Finance Minister Nirmala Sitharaman's comments on data centres in India. At 1303 IST, shares of Wipro, Tata Consultancy services, Persistent Systems, Infosys, and LTIMindtree were up 0.4-3.0%. Shares of data centre and cloud infrastructure related companies Anant Raj and E2E Networks rose as much as 10?ch after the budget speech.
Recognising the need to enable critical infrastructure and boost investment in data centres, Sitharaman proposed a tax holiday up to 2047 to any foreign company who provides services to any part of the world outside India by procuring data centre services in India. "Sale of such services to Indian users shall be made through an Indian reseller entity and taxed appropriately," Sitharaman said while presenting the Union Budget for 2026-27 (Apr-Mar).
She also proposed safe harbour of 15% to the resident entity providing data centre services to a related foreign company. In November, TCS had announced its foray into the data centre business, with an artificial intelligence data centre in India with a capacity of 1 gigawatt. (Arya S. Biju)
Equity Alert: Indices off lows; STT on F&O a negative surprise, market says
MUMBAI--1322 IST--Benchmark equity indices fell sharply soon after Finance Minister Nirmala Sitharaman proposed to raise the securities transaction tax on futures and options trade, which came as a negative surprise for the capital market. Indices fell more soon after the Budget speech ended. All sectoral indices were in the red and less than 10 Nifty 50 constituents traded in the green, with Max Healthcare Institute being the top gainer even with just 1% gains.
Sitharaman proposed to raise the securities transaction tax on futures to 0.05% from 0.02% at present and that on options premium and exercise of options to 0.15% from 0.1% and 0.125%, respectively. "The steep increase in STT (securities transaction tax) on futures and options, coming on top of last year's hike, is likely to raise impact costs for traders, hedgers, and arbitrageurs," Shripal Shah, managing director and chief executive officer at Kotak Securities. "This could cool derivative activity and lead to a reduction in volumes. The intent appears to be volume moderation rather than revenue maximisation, as any potential revenue gain could be offset by lower derivative volumes."
Indices came off lows and at 1310 IST, the Nifty 50 was down 203.90 points or 0.8% at 25116.75 points. The index had fallen 3% to a five-month low of 24571.75 points earlier in the session. The BSE Sensex was at 81718.60 points, down 551.18 points or 0.7%. Indices swung between highs and lows for a major part of the budget speech, however the sharp fall came after the finance minister's announcement on STT. Prior to this comment, indices were largely flat.
Broader market indices also declined in the session, with small-cap indices down over 2% and mid-cap indices down 1.4-1.5%. Among sectoral indices, only healthcare index was in the green. Nifty PSU Bank, down nearly 4%, was the worst-hit, dragged down by a 5-6?ll in Union Bank of India, Bank of Baroda, and Bank of India. Metal stocks continued to fall, with majors such as Hindustan Zinc, National Aluminium Co., and Hindalco Industries down 4-10%. These stocks had rallied for several weeks in tandem with the safe-haven rally seen in precious metals and base metals.
In the options chain, traders wrote call options aggressively and bought put contracts. At 1247 IST, maximum addition of contracts was seen at 25500 call and 24300 put. The maximum concentration of call contracts was at 25500 strike and that of put was at 25000 strike. Traders added short positions at across options chain, indicating near-term weakness in the equity market. Hike in STT on futures contracts from 0.05% is a negative surprise for the markets and the same is visible in the price movement, Vipin Kumaar, assistant vice president – technical and derivatives at Globe Capital Market said. "We were not expecting this kind of move at a time when FIIs (foreign investors) are continuously selling for months," he added. In January, foreign investors were net sellers for 17 out of 20 sessions and they net sold INR 414.35 billion. (Gopika Balasubramanium)
Equity Alert: Shares of capital market cos crack under proposed STT hike
MUMBAI--1315 IST--Shares of capital market companies that facilitate futures and options trading were hit sharply after Finance Minister Nirmala Sitharaman proposed a hike to the Securities Transaction Tax on futures trading to 0.05% from the present 0.02% and options premium and exercise of options were both proposed to be raised to 0.15% from the present rate of 0.1% and 0.125%, respectively. Analysts expect this tax hike to be negative for capital market companies as it may result in a sharp decline in trading volumes. Foreign investments may also be affected after this tax hike, analysts said.
"We should wait for the finer print to come out to figure out the full impact of the (STT) tax hike," Pravin Bokade, head of research at IDBI Capital said. The analyst said that the government wants to curb retail participation in futures and options trading, which may explain the hike. Rising tax burden may affect retail volumes severely in derivative trading, the analyst said.
Shares of Nuvama Wealth Management, HDFC Asset Management Co., and Billionbrains Garage Ventures were down 3–9%. Shares of BSE plummeted over 7% and those of Motilal Oswal, which were up 4?rlier, shed most of the gains to trade just 1.5% higher. "The finance minister's proposal to raise STT on futures to 0.05% is structurally negative for the capital market ecosystem, particularly futures and options-driven businesses," SAMCO Securities said in a note. The brokerage expects higher transaction costs to reduce trading volumes, dampen short-term momentum, and lower profitability for active market participants.
The Securities Transaction Tax is a direct tax on buying and selling securities in India, which is levied by the government on stock market transactions and collected by brokers. A hike in STT could result in a loss of volumes in the futures and options segments. The hike in STT is, "to provide reasonable course correction in the futures and options segment in the capital market and generate additional revenues for the government," Nirmala Sitharaman said in her Budget speech for 2026-27 (Apr-Mar).
SAMCO Securities also said that foreign investor participation in derivatives may also moderate as post-tax trading efficiency decline, which will impact overall liquidity. "This can create a cascading effect on revenue streams of broking companies, exchanges, asset management companies, and depositories, which are closely linked to market turnover," the brokerage said. (Eshitva Prakash)
Equity Alert: Metal cos fall as sharp correction in precious metals continue
MUMBAI--1040 IST--Shares of companies that produce industrial and precious metals were down in early trade Sunday, following a steep correction in prices of precious metals. Shares of companies whose portfolios are focussed on financing purchases and trading of precious metals were also lower. Analysts have said that metal prices were lower due to a deep sell-off on the international commodity exchange, which also prompted a fall in metal prices on the Multi-Commodity Exchange.
Shares of aluminium and copper producer Hindalco Industries were down over 4%, falling the most among other Nifty 50 constituents. A recovery in the dollar index and a sell-off triggered by profit booking have led to a slump in prices of silver, copper, and gold, said Ajay Kedia, research analyst at Kedia Stocks and Commodities. The analyst, however, expects shares of industrial metal companies to recover after the budget presentation as the government is expected to detail capital expenditure plans, indicating heightened demand. National Aluminium Co. was down 7?ter the Februrary futures contract of aluminium traded 1% lower at INR 311.55 per kilogram.
Shares of silver metal producer Hindustan Zinc and its parent Vedanta were down 9% and 2%, respectively, and those of Hindustan Copper cracked over 11%. Shares of gold financier Muthoot Finance were down over 5%. Shares of Multi Commodity Exchange of India were down almost 15%. At 1030 IST, the March futures contract of silver fell 7.5% and traded at INR 269,400 per kilogram on the MCX. The April futures contract of gold were down 2.5% on the MCX and traded at INR 148,251 per 10 grams. Copper prices also took a hit, with the February futures contract of copper trading over 4% lower at INR 1,237.10 per kilogram.
Kedia said that he expects a further fall in the price of the white metal due to selling pressure internationally. However, in a previous conversation, the analyst had said that demand for gold and silver was fundamentally strong, and this selling pressure was more a technical correction.
Exchange traded funds linked to the trading of these metals were also hit. Nippon India ETF was down over 12% and ICICI Prudential Gold ETF slumped nearly 8%. (Eshitva Prakash)
Equity Alert: Indices open higher ahead of FY27 Budget; metal, IT cos fall
MUMBAI--1003 IST--Benchmark indices opened higher ahead of the Union Budget for 2026-27 (Apr-Mar), which Finance Minister Nirmala Sitharaman will present in Parliament later in the day. Soon after, the indices gave up gains and were volatile. Metal and information technology stocks were the major drags. At 0956 IST, the Nifty 50 was 25315.45 points, down 5.20 points or 0.02%, and the BSE Sensex was at 82316.32 points, up 46.54 points or 0.1%.
Sun Pharmaceutical Industries, Oil And Natural Gas Corp., and Bharat Electronics were the top gainers among the Nifty 50, up 2?ch. The shares of the pharmacuetical major rose after the company reported an over 8% growth in its consolidated net profit to INR 33.81 billion, beating analysts' estimate. Bajaj Auto rose over 1%. The December quarter net profit of the company was at INR 25.03 billion, up marginally. The stock rose after Nuvama raised the target price on the stock by 6% and upgraded the recommendation to 'buy' from 'hold'.
Hindalco Industries was the worst hit, down nearly 4%. Followed by shares of Infosys, Tata Steel, and Nestle India, which were down nearly 1?ch and were among the worst hits. Information technology stocks--Tech Mahindra, HCL Technologies, and Tata Consultancy Services--were down 0.2-1.0%.
Most of the metal stocks were the laggards. Hindustan Zinc fell 10% and hit the lower circuit. The stock was the worst hit in the Nifty 200 index. Shares of National Aluminium Co. were down nearly 10% followed by Vedanta which rose over 6%. Hindustan Copper was the worst hit among the Nifty 500 constituents, down over 16%.
All broader market indices were in the red, with Nifty Smallcap 50 and Nifty Smallcap 100 down over 0.2?ch. The fall in the shares of the Multi Commodity Exchange of India dragged down the Nifty Smallcap 50. The stock of Multi Commodity Exchange of India was among the worst hit in the Nifty 500 index.
NTPC Green was the top gainer in the Nifty 200 index, up nearly 4% and IFCI was the top gainer in the Nifty 500, up nearly 9%. (Adhithya Aji)
Equity Alert: Indices seen volatile; Budget allocation to set direction
MUMBAI--0853 IST--Benchmark indices are expected to be volatile on the day of the Union Budget presentation for 2026-27 (Apr-Mar). While analysts see limited chances of a meaningful increase in expenditure, they said there is a chance of higher expenditure plans for defence, railways, and renewable energy companies. Volatility is also expected on account of the new US Federal Reserve Chair nominee Kevin Warsh, who is seen as a relatively hawkish pick for the apex bank's top post, according to various media reports.
The government may consider a reduction in the long-term capital gains tax and in the securities transaction tax, which will be positive for capital market-linked companies, as it could increase the number of investors in the equity market. Analysts are also expecting some relief for the textile sector, which has been hit hard due to US tariffs. The Budget is expected to provide incentives to private sector railway-related manufacturers, especially for advanced components like braking systems, signalling gear and high-speed bogies, The Sunday Guardian reported. Banks may benefit from higher allocations across sectors as it may help with raising demand for loans. Announcements related to increased support for micro, small and medium enterprises will help expand loan advances by larger banks, according to analysts. Higher allocation to agriculture could benefit banking stocks.
Nuvama Institutional Equities has upgraded their recommendation on Bajaj Auto to 'buy' from 'hold' earlier and raised the target price on the stock by 6%. The brokerage expects a 9% sales compounded annual growth rate over FY26 to FY28, led by a 7% growth in domestic segment. The brokerage expects the company's exports to grow at an 11% compounded annual growth rate, supported by better demand across Latin America, Asia, and Africa regions.
Nuvama has also upgraded Sun Pharmaceutical Industries to 'buy' and raised its target price on the stock over 4% on account of better-than-expected December quarter earnings. The brokerage expects the recent fall in the company's shares to provide a good entry opportunity for investors.
Equity markets in the US closed lower on Friday as investors viewed President Donald Trump's nomination of former Federal Reserve Governor Kevin Warsh as a hawkish choice to succeed Federal Reserve Chair Jerome Powell, Reuters reported. Warsh is expected to favour lower interest rates but stop short of the more aggressive monetary policy easing linked to some other potential nominees, according to the report. (Eshitva Prakash)
Equity Alert: US indices end lower Fri; mkts assess Trump's new Fed nominee
MUMBAI--0744 IST--The US markets ended lower on Friday, with the S&P 500 posting losses for the third consecutive session. Technology stocks fell for the session. Investors assessed corporate earnings and US President Donald Trump's nomination of the next US Federal Reserve Chair.
Trump announced Kevin Warsh as his pick to replace the current Fed Chair Jerome Powell. "I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump was quoted as saying by CNBC based on a Truth Social Post. This came as a relief to many who were concerned over the independence of the country's central bank as Warsh is likely to push for lower rates in the short term, but the markets believe that he would not always follow the President's direction and will be able to maintain credibility.
Shares of Verizon Communications surged 12?ter the company's financial results beat analyst expectations and provided a strong outlook for their earnings for the entire year, CNBC reported. Shares of Apple ended slightly higher after moving between gains and losses. Apple's financial results beat expectations, with the company reporting a significant surge in iPhone sales. Shares of Microsoft ended nearly 1% lower after the stock shaved 10% for the session post earnings on Thursday. Thursday marked the worst day for the stock, which erased more than $350 billion from the company's market capital.
Despite the weak session, the indices posted gains for January. The S&P 500 and the Dow Jones index gained over 1% and 2% during the month, along with the NASDAQ, which gained 1%.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6939.03 |
(-)0.43 |
|
NASDAQ Composite |
23461.82 |
(-)0.94 |
|
Dow Jones Industrial Average |
48892.47 |
(-)0.36 |
(Akshat Saksena)
US$1 = INR 91.98
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
All prices from National Stock Exchange, unless otherwise specified.
All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.
All times are Indian Standard Time.
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