Indian equity benchmarks ended Friday in the red as investors booked profits ahead of the Union Budget 2026 on February 1. Weakness in metal stocks added pressure and capped broader gains.
At the close, the Sensex shed 269 points, or 0.36 per cent, to finish at 82,269. The Nifty declined 98 points, or 0.39 per cent, settling at 25,320.
Broader markets delivered mixed performance. The Nifty Midcap 100 slipped a modest 0.17 per cent. In contrast, the NSE Smallcap 100 advanced 0.32 per cent, reflecting selective buying beyond frontline stocks.
Sectoral Performance Overview
Sectoral indices moved in different directions. Metal stocks bore the brunt of selling, with the Nifty Metal index plunging 5.34 per cent.
The IT index eased 1.02 per cent, hurt by global growth concerns and rising US bond yields.
Media stocks outperformed, as the Nifty Media index climbed 2.07 per cent. Consumer durables gained 1.09 per cent, while the Nifty FMCG rose 1.41 per cent.
Analysts attributed the IT sector’s weakness to a cautious global outlook and elevated US yields, which dampened risk appetite for technology shares.
Market participants highlighted a constructive setup in Bank Nifty. The index reclaimed its falling trendline breakout zone and now holds above its 20-day and 50-day moving averages.
This signals an improving short-term structure. Momentum indicators support an upside bias. Analysts placed support near 59,000 and resistance around the 60,400 zone.
In the currency market, the rupee rebounded from record lows. It strengthened by 15 paise to trade at 91.92 against the US dollar. Lower international crude oil prices supported the recovery.
Investors remain cautious amid geopolitical tensions, tariff-related uncertainties, and sustained foreign institutional investor outflows.
The Union Budget remains the key near-term trigger, with markets seeking clarity on growth measures and fiscal discipline.
Global cues also stay in focus. Traders watch developments around the appointment of a new US Federal Reserve Chair, as a hawkish shift could tighten liquidity and pressure emerging markets.
Markets will operate on Budget Day, February 1, despite it being a Sunday.
The settlement holiday prevents investors from selling shares bought on January 30 on February 1. It also restricts the sale of stocks purchased on Budget Day, the following day.
Also Read: Sensex And Nifty Slip As Metal Stocks Lead Decline
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