SENSEX tanks 2,354 pts, NIFTY50 below 24,600 in noon deals; Pharma shares, MCX among buzzing stocks

The Indian benchmark indices, SENSEX and NIFTY50, were trading in deep red during the afternoon session on Sunday, February 1, as the Union Finance Minister Nirmala Sitharaman tabled the Budget for 2026-27.

During her speech at Parliament, the Finance Minister proposed a hike in Securities Transaction Tax (STT) for futures and options, which dampened investor sentiment.

The SENSEX crashed to an intraday low of 79,899.42, while NIFTY50 slipped to the session’s low of 24,571.75.

At 12:32 PM, the S&P BSE SENSEX fell by 2,354.01 points, or 2.85%, to 80,212.36. Meanwhile, NSE’s NIFTY50 stood at 24,583.85, reflecting a 835.05 points, or 3.29% slump.

On Friday, the foreign institutional investors (FIIs) purchased stocks worth ₹2,251.37 crore, while the domestic institutional investors (DIIs) sold equities worth ₹601.03 crore on a net basis, according to exchange data.

The top losers on the NIFTY50 index included Bharat Electronics (-8.88%), Hindalco Industries (-6.58%), State Bank of India (-5.42%), NTPC (-4.89%) and Tata Consumer Products (-4.60%).

On the contrary, the top gains were Max Healthcare Institute (1.57%), TCS (0.59%), Kotak Mahindra Bank (0.54%), Wipro (0.47%) and Dr. Reddy's Laboratories (0.18%). Only six out of 50 shares were trading in green on the NIFTY50 index in noon deals.

Buzzing stocks on February 1: Check list

Pharmaceutical stocks, such as Sun Pharmaceutical, Biocon, Piramal and Dr. Reddy’s Laboratories, among others, surged as much as 2%, as the Finance Minister, in the Union Budget 2026 speech, announced the BioPharma Sakti scheme, with an outlay of ₹10,000 crore over five years.

The NIFTY Pharma index advanced nearly 2% after the announcement on the BioPharma Sakti scheme.

However, Pharma stocks later fell amid selling in the broader market.

Shares of Power Finance Corporation (PFC) and REC were in focus on the National Stock Exchange (NSE), as the Finance Minister Nirmala Sitharaman announced restructuring plans for the two firms.

PFC shares gained as much as 5.85% to an intraday high of ₹401.45 apiece, and the stock of REC climbed as much as 4.37% the session’s peak of ₹401.45 per unit.

Textile stocks, including Indo Count Industries (3.46%), Faze Three (9.56%), Sportking India (9.22%), and more, advanced on the NSE on Sunday.

This comes after the FM proposed the setting up of mega textile parks with a focus on value addition to technical textiles. She also announced new incentives for textile workers

Infrastructure firm shares, such as L&T (1.03%), NCC (2.64%), IRB Infrastructure (1.81%), PNC Infratech (5.59%), Ashoka Buildcon (3.05%), and more, were trading in green on Sunday.

This follows the Finance Minister stating that the target for capex will be raised to ₹12.2 lakh crore for FY27 from ₹11.2 lakh crore earmarked for the current fiscal year, and announced a slew of measures to boost infrastructure in the country.

Sitharaman said the government will continue to develop infrastructure in Tier-2 and Tier-3 cities. The government also proposes to set up a risk guarantee fund for the infrastructure sector, she added.

A scheme for the enhancement of construction and infrastructure equipment will be introduced to strengthen domestic manufacturing, Sitharaman said. The government also proposes to support professional institutions like ICAI and ICSI to design short-term modular courses, she added.

The stock of electronic manufacturing companies, including SGS Technology (5.95%), Dixon Tech (4.21%), Kaynes (3.82%), PG Electroplast, and more, as the FM increased the outlay on electronic manufacturing to ₹40,000 crore in 2026-27.

Presenting the Union Budget for 2026-27, FM Nirmala Sitharaman said high-tech tool rooms will be established at two locations to give a push to capital goods manufacturing.

Shares of MCX plunged as much as 18.18% to an intraday low of ₹2,068.50 apiece, registering the worst single-day decline since March 2020 in early trade, on the NSE on the special Budget trading session on Sunday.

The stock tumbled sharply, as prices of commodities, including gold, silver and copper, crashed on the domestic futures market.

Shares of Semiconductor and electronic component manufacturers, Dixon Technologies, Kaynes Technologies, and E2E Networks, jumped as the Finance Minister announced the introduction of the India Semiconductor Mission 2.0.

The Finance Minister announced an additional outlay of ₹40,000 crore for ISM 2.0, focusing on high-end fabrication, advanced R&D, and deep tech ownership.