Mumbai’s stock market closed in the red on Friday, capping off a volatile session ahead of the Union Budget. The BSE Sensex shed 296.59 points, or 0.36%, to settle at 82,269.78. Meanwhile, the Nifty 50 mirrored the downturn, falling 98.25 points or 0.39% to end at 25,320.65.
Metal stocks bore the brunt of the sell-off, dragging the Nifty Metal index down a sharp 5.21%. Other sectors like commodities (down 2.13%), IT (1.03%), PSE (0.90%), and services (0.64%) also posted losses. This broad-based weakness overshadowed gains in select pockets.
On a brighter note, media stocks surged 1.85%, followed by defence (1.43%), FMCG (1.37%), consumer durables (1.08%), realty (0.84%), and auto (0.73%). Midcap and smallcap indices showed mixed trends, with Nifty Smallcap 100 dipping 0.19% to 58,432, while another smallcap benchmark rose 0.32% to 16,879.10.
In the Sensex pack, gainers included M&M, SBI, ITC, BEL, HUL, Titan, Maruti Suzuki, Asian Paints, Axis Bank, Sun Pharma, and Adani Ports. Losers were led by Tata Steel, ICICI Bank, Power Grid, HCL Tech, Tech Mahindra, Infosys, Kotak Mahindra Bank, Trent, and TCS.
Market experts attributed the dip primarily to heavy selling in metals, exacerbated by a stronger dollar that hammered gold and silver prices. ‘Pre-budget jitters are palpable,’ said one analyst. ‘Investors are bracing for policy announcements that could reshape fiscal dynamics.’
Globally, a US deal to avert a government shutdown offered temporary relief, but caution prevails ahead of the new Fed chair’s appointment. Stricter monetary policy could squeeze liquidity, hitting emerging markets like India hardest.
The day started on a weak note, with Sensex opening 444 points lower at 82,100 and Nifty at 25,261 by 9:19 AM, reflecting soft global cues. As trading progressed, the market stabilized somewhat but couldn’t shake off the bearish sentiment. Looking ahead, eyes are on budget expectations, corporate earnings, and global macro developments to gauge the next move.
