Sensex settles 296 pts lower, Nifty below 25,350; what to expect from markets on Feb 1
Five stocks, namely ICICI Bank, HDFC Bank, Tata Steel, Infosys and Kotak Mahindra Bank, contributed heavily to the Sensex’s fall.
- Jan 30, 2026,
- Updated Jan 30, 2026 4:10 PM IST
Domestic equity benchmarks Sensex and Nifty ended Friday’s session in the red, halting their three-day winning run, as investors booked profits in index heavyweights and metal stocks, adopting a cautious stance ahead of the Union Budget slated for February 1.
At close, the Sensex declined 296.59 points, or 0.36 per cent, to close at 82,269.78, while the Nifty slipped 98.25 points, or 0.39 per cent, to close at 25,320.65.
Tata Steel emerged as top loser on the Sensex, falling 4.57% to Rs 193.10. ICICI Bank followed with a 2.10% decline, while Power Grid, HCL Tech, Tech Mahindra and Infosys fell 1.61%, 1.55%, 1.29% and 1.05%, respectively.
Five stocks, namely ICICI Bank, HDFC Bank, Tata Steel, Infosys and Kotak Mahindra Bank, contributed heavily to the Sensex’s fall.
Among sectoral indices, the BSE Metal index slipped 5.12% to close at 38,845.17, while the BSE Energy declined 0.87% to settle at 11,918.49. The market tone reflected guarded positioning rather than panic. He noted that sectoral participation was selective, with pockets of strength seen in FMCG, healthcare, media, consumer durables and select PSU banks, indicating measured optimism among investors ahead of the Union Budget, said Ponmudi R, CEO of Enrich Money.
In the Sensex index, shares of ITC hit their fresh 52-week high of Rs 316.40 on BSE.
Market breadth remained positive on the BSE. Of the 4,367 actively traded stocks, 2,427 ended in the green, while a dominant 1,775 declined and 165 settled unchanged. The session saw 78 stocks scaling fresh 52-week highs, compared with 291 counters sliding to new 52-week lows. In addition, 171 scrips were locked at their upper circuits, whereas 170 hit lower circuit limits.
Vinod Nair, Head of Research at Geojit Investments Limited, said that markets remained volatile ahead of the Union Budget, with benchmark indices dragged down by weakness in IT and metal stocks.
“The IT sector lagged due to global growth concerns and higher U.S. bond yields, while gold and silver declined amid a stronger dollar. Persistent FII selling and continued rupee depreciation kept market sentiment cautious. With geopolitical risks and global tariff pressures rising, the Union Budget is keenly awaited for cues on growth support and fiscal discipline. Globally, although a deal to avert the latest U.S. government shutdown provided temporary relief, markets remain watchful ahead of the appointment of a new Fed Chair, as a more hawkish stance could tighten liquidity and weigh on emerging markets," Nair said. Ajit Mishra – SVP, Research, Religare Broking Ltd said “Our view on the Nifty remains unchanged. Sustenance above the 25,350 level could result in a further rebound towards the 25,600 zone, while a decisive break below the long-term moving average, the 200 DEMA around 25,150, may derail the recovery and drag the index towards the 24,750–24,900 zone. With all eyes on the Union Budget, we expect heightened volatility during the special trading session on Sunday and suggest preferring a hedged approach." On the technical front, Ponmudi said the 50-pack index remains stuck in a consolidation phase with a mildly bearish to neutral undertone. The index has so far held above the crucial 200-day EMA near 25,170, suggesting the broader structure is intact unless this level is decisively broken. Overall, Ponmudi believes the market is likely to favour range-trading strategies in the near term, as participants balance pre-Budget positioning against persistent global and currency-related headwinds.
Domestic equity benchmarks Sensex and Nifty ended Friday’s session in the red, halting their three-day winning run, as investors booked profits in index heavyweights and metal stocks, adopting a cautious stance ahead of the Union Budget slated for February 1.
At close, the Sensex declined 296.59 points, or 0.36 per cent, to close at 82,269.78, while the Nifty slipped 98.25 points, or 0.39 per cent, to close at 25,320.65.
Tata Steel emerged as top loser on the Sensex, falling 4.57% to Rs 193.10. ICICI Bank followed with a 2.10% decline, while Power Grid, HCL Tech, Tech Mahindra and Infosys fell 1.61%, 1.55%, 1.29% and 1.05%, respectively.
Five stocks, namely ICICI Bank, HDFC Bank, Tata Steel, Infosys and Kotak Mahindra Bank, contributed heavily to the Sensex’s fall.
Among sectoral indices, the BSE Metal index slipped 5.12% to close at 38,845.17, while the BSE Energy declined 0.87% to settle at 11,918.49. The market tone reflected guarded positioning rather than panic. He noted that sectoral participation was selective, with pockets of strength seen in FMCG, healthcare, media, consumer durables and select PSU banks, indicating measured optimism among investors ahead of the Union Budget, said Ponmudi R, CEO of Enrich Money.
In the Sensex index, shares of ITC hit their fresh 52-week high of Rs 316.40 on BSE.
Market breadth remained positive on the BSE. Of the 4,367 actively traded stocks, 2,427 ended in the green, while a dominant 1,775 declined and 165 settled unchanged. The session saw 78 stocks scaling fresh 52-week highs, compared with 291 counters sliding to new 52-week lows. In addition, 171 scrips were locked at their upper circuits, whereas 170 hit lower circuit limits.
Vinod Nair, Head of Research at Geojit Investments Limited, said that markets remained volatile ahead of the Union Budget, with benchmark indices dragged down by weakness in IT and metal stocks.
“The IT sector lagged due to global growth concerns and higher U.S. bond yields, while gold and silver declined amid a stronger dollar. Persistent FII selling and continued rupee depreciation kept market sentiment cautious. With geopolitical risks and global tariff pressures rising, the Union Budget is keenly awaited for cues on growth support and fiscal discipline. Globally, although a deal to avert the latest U.S. government shutdown provided temporary relief, markets remain watchful ahead of the appointment of a new Fed Chair, as a more hawkish stance could tighten liquidity and weigh on emerging markets," Nair said. Ajit Mishra – SVP, Research, Religare Broking Ltd said “Our view on the Nifty remains unchanged. Sustenance above the 25,350 level could result in a further rebound towards the 25,600 zone, while a decisive break below the long-term moving average, the 200 DEMA around 25,150, may derail the recovery and drag the index towards the 24,750–24,900 zone. With all eyes on the Union Budget, we expect heightened volatility during the special trading session on Sunday and suggest preferring a hedged approach." On the technical front, Ponmudi said the 50-pack index remains stuck in a consolidation phase with a mildly bearish to neutral undertone. The index has so far held above the crucial 200-day EMA near 25,170, suggesting the broader structure is intact unless this level is decisively broken. Overall, Ponmudi believes the market is likely to favour range-trading strategies in the near term, as participants balance pre-Budget positioning against persistent global and currency-related headwinds.