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IT, realty and media stocks tumbled while metal and consumer durables shares managed to advance.
As per provisional closing data, the barometer index, the S&P BSE Sensex declined 558.72 points or 0.66% to 83,674.92. The Nifty 50 index fell 146.65 points or 0.57% to 25,807.20.
In the broader market, the BSE 150 MidCap Index dropped 0.46% and the BSE 250 SmallCap Index slipped 0.86%.
The market breadth was negative. On the BSE, 1,679 shares rose and 2,532 shares fell. A total of 174 shares were unchanged.
Direct Tax Collection Data:
The central government’s net direct tax collections, after accounting for refunds, stood at Rs 19.43 lakh crore so far this fiscal year, up 9.4% from a year earlier. Net corporate tax collection rose 14.51% to Rs 8.90 lakh crore, while taxes from non-corporates, including individuals and Hindu Undivided Families (HUFs), rose 5.91 % to about Rs 10.03 lakh crore.
Buzzing Index:
The Nifty IT index declined 5.73% to 33,083.45 amid concerns over artificial intelligence-led disruption and global macro uncertainty. The sharp fall followed the launch of a new artificial intelligence tool by US-based startup Anthropic, which recently introduced a product tailored for corporate legal teams. The sector was also weighed down by stronger-than-expected US jobs data, which dampened expectations of near-term interest rate cuts by the Federal Reserve and added to investor caution toward export-oriented technology stocks. Meanwhile, the index tanked 7.39% in the two consecutive trading sessions.
Coforge (down 6.48%), Tech Mahindra (down 6.25%), Oracle Financial Services Software (down 6.23%), Infosys (down 5.77%) and LTIMindtree (down 5.5%), Tata Consultancy Services (down 5.43%), Mphasis (down 4.83%), HCL Technologies (down 4.82%), Wipro (down 4.7%) and Persistent Systems (down 4.69%) declined.
Stocks in Spotlight:
Hindalco Industries rose 0.06%. The company said its wholly owned subsidiary Novelis Inc. has provided an update on the twin fire incidents at its Oswego plant in New York that occurred in September and November 2025. Novelis estimates the total free cash flow impact at $1.3-1.6 billion, which includes repair costs, operational downtime, working capital timing and other related expenses. The company said 70-80% of the free cash flow and adjusted EBITDA impact is expected to be recoverable through insurance, subject to policy terms, conditions and potential coverage disputes. No firm estimate for insurance recovery has been accrued at this stage. The Oswego hot mill is expected to restart by late Q2 calendar 2026.
Meanwhile, Novelis reported its Q3 earnings. The Hindalco subsidiary reported a net loss attributable to common shareholders of $160 million, compared with a net income of $110 million in the prior year, Net sales rose 3% YoY to $4.2 billion.
SJVN rose 1.18% after the company reported a 50.6% jump in consolidated net profit to Rs 224.38 crore in Q3 FY26, compared with Rs 149.03 crore in Q3 FY25. Revenue from operations surged 61.2% year-on-year to Rs 1,081.97 crore during the quarter under review, up from Rs 670.99 crore in the corresponding period last year.
Zydus Lifesciences rose 2.22% after the company announced a settlement agreement with Astellas Pharma Inc. in relation to Myrbetriq (generic name: Mirabegron) in the United States.
Lenskart Solutions surged 13.67% after the company reported 237.9% increase in consolidated net profit to Rs 132.7 crore on a 37.4% rise in revenue to Rs 2,307.7 crore in Q3 FY26 as compared with Q3 FY25.
Jupiter Wagons slipped 3.69% after its consolidated net profit tanked 35.28% to Rs 62.99 crore in Q3 FY26, compared with Rs 97.33 crore recorded in Q3 FY25. Revenue from operations fell 13.54% YoY to Rs 890.36 crore in the quarter ended 31 December 2025.
Bombay Dyeing & Manufacturing Company declined 2.84% after the company reported a consolidated net loss of Rs 9.85 crore in Q3 FY26, compared with a net profit of Rs 70.06 crore posted in Q3 FY25. Revenue from operations declined 21.9% year-on-year to Rs 324.02 crore in the quarter ended 31 December 2025.
LG Electronics India slipped 3.04% after the company reported 61.6% drop in consolidated net profit to Rs 89.67 crore on a 6.4% fall in net sales to Rs 4,114.39 crore in Q3 FY26 as compared with Q3 FY25.
Patanjali Foods shed 0.05%. The company has reported 60.0% increase in consolidated net profit to Rs 593.44 crore on a 16.5% increase in net sales to Rs 10,483.71 crore in Q3 FY26 as compared with Q3 FY25.
Global Market:
European market advanced as investors awaited for U.K. fourth quarter GDP and industrial production figures.
Most Asian market ended higher on Thursday, buoyed by Japan’s post-election rally to fresh highs, fueled by renewed confidence in domestic politics and the ruling administration’s economic agenda.
Japanese stocks extending its post-election rally to fresh highs, fueled by renewed confidence in domestic politics and the ruling administration’s economic agenda.
Media reports noted that Takaichi’s snap-election landslide gives her an unusually strong, multi-year mandate to execute policy, which they view as broadly supportive for Japan’s markets and corporate sector.
Overnight in the U.S., the Dow Jones Industrial Average snapped a three-day win streak after a better-than-expected January jobs report.
The blue-chip index lost 66.74 points, or 0.13%, and closed at 50,121.40. The S&P 500 was nearly flat at 6,941.47. The Nasdaq Composite dropped 0.16% to end at 23,066.47.
The Bureau of Labor Statistics’ January nonfarm payrolls report showed job growth of 130,000 in January. Media reports suggested that the job growth gains for January were estimated to be around 55,000. Jobs growth in December was downwardly revised to 48,000.
Strong labor market has reduced the odds for interest rate cuts by the Federal Reserve.
The jobs report follows weaker-than-expected consumer data released on Tuesday. That report showed that consumer spending in December was flat, missing the 0.4% monthly gain expected from economists polled by Dow Jones.
The Oswego hot mill is expected to restart by late Q2 calendar 2026. Novelis said it is working with customers and leveraging its global operations and external suppliers to mitigate the impact during the restoration period.
Meanwhile, Novelis reported its Q3 earnings. The Hindalco subsidiary reported a net loss attributable to common shareholders of $160 million, compared with a net income of $110 million in the prior year, largely due to the fires at its Oswego, US plant in September and November.
Net sales rose 3% YoY to $4.2 billion. Production disruptions at Oswego led to rolled product shipments being about 72 kilotonnes lower than expected, resulting in an estimated pre-tax negative impact of $54 million on adjusted EBITDA and net loss. Overall, net loss was further weighed down by $327 million in pre-tax fire-related losses.
Adjusted EBITDA stood at $348 million, down 5% YoY, impacted by an estimated $54 million hit from the Oswego fires and $34 million from tariffs.
It received a $750 million equity infusion received from the parent company in December 2025 to support operations and recovery efforts.
Novelis said underlying market fundamentals remain positive, with strong growth expected to continue in beverage packaging and favourable trends emerging in the scrap market. The company highlighted that controllable actions are driving improvements in adjusted EBITDA per tonne, supported by a cost-efficiency programme that is delivering positive results and a higher FY26 savings outlook, while its tariff mitigation plan remains on track.
Novelis added that it is deploying full resources towards the recovery of the Oswego facility to minimise customer disruption, while also making significant progress on its ongoing US investment at Bay Minette.
Hindalco Industries is the metals flagship company of the Aditya Birla Group. Hindalco is the world’s largest aluminium company by revenues and the world’s second-largest copper rod manufacturer (outside China). It operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary Novelis, Hindalco is the global leader in flat-rolled products and the world’s largest recycler of aluminium.
HIndalco will announce Q3 results later today, 12 February 2026. The company's consolidated net profit rose 21.30% to Rs 4,741 crore while revenue from operations grew 13.5% YoY to Rs 66,058 crore in Q2 September 2025.
Shares of Hindalco Industries were down 0.41% at Rs 961.75 on the BSE.
Hindalco Industries Ltd rose for a third straight session today. The stock is quoting at Rs 974, up 1.01% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.45% on the day, quoting at 25984.15. The Sensex is at 84465.17, up 0.48%. Hindalco Industries Ltd has added around 5.85% in last one month.
Meanwhile, Nifty Metal index of which Hindalco Industries Ltd is a constituent, has added around 8.2% in last one month and is currently quoting at 12129.45, up 0.94% on the day. The volume in the stock stood at 19.09 lakh shares today, compared to the daily average of 74.04 lakh shares in last one month.
The benchmark February futures contract for the stock is quoting at Rs 974.6, up 1.12% on the day. Hindalco Industries Ltd is up 63.46% in last one year as compared to a 12.62% gain in NIFTY and a 49.07% gain in the Nifty Metal index.
The PE of the stock is 30.29 based on TTM earnings ending September 25.
PSU Bank, oil & gas and realty shares declined while IT and consumer durables shares advanced
At 13:25 IST, the barometer index, the S&P BSE Sensex declined 542.62 points or 0.66% to 81,727.16. The Nifty 50 index tumbled 274.20 points or 0.79% to 25,087.30.
The broader market underperformed the frontline indices. The BSE 150 Mid-Cap index declined 1.03% and the BSE 250 Small-Cap index slipped 0.93%.
The market breadth was weak. On the BSE, 1,711 shares rose and 2,215 shares fell. A total of 217 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 5.02% to 14.32.
MCX Gold futures for the 5 February 2026 settlement fell 4.58% to Rs 1,42,800, while MCX Silver futures for the 5 March 2026 settlement declined 8.79% to Rs 2,66,269.
Gainers & Losers:
Titan Company (up 3.45%), Wipro (up 3.14%), Max Healthcare Institute (up 2.74%), Tata Consultancy Services (TCS) (up 2.53%) and Sun Pharmaceutical Industries (up 1.22%) were the major Nifty50 gainers.
Hindalco Industries (down 4.70%), Coal India (down 3.99%), State Bank of India (down 3.98%), Bharat Electronics (BEL) (down 3.90%) and Oil & Natural Gas Corporations of India (ONGC) (down 3.62%) were the major Nifty50 losers.
Sun Pharmaceutical Industries rose 1.22% after it has reported 16.03% rise in consolidated net profit to Rs 3,368.81 crore on a 13.49% increase in revenue to Rs 15,520.54 crore in Q3 FY26 over Q3 FY25.
Union Budget 2026
Union Finance Minister Nirmala Sitharaman used the Union Budget 2026 to underline a reform-heavy path built around fiscal consolidation, job creation and sharper global competitiveness. The Centre reiterated its medium-term debt sustainability goal, with the FRBM roadmap indicating a steady decline in the debt-to-GDP ratio and projecting central government debt at around 55.6% in BE 2026 27 versus 56.1% in RE 2025 26, framing the glide towards a sub 50% target by 2030 as a policy anchor rather than a hard statutory number. On the deficit side, the government stuck to its consolidation track, with the fiscal gap seen at 4.4% of GDP in RE FY26 and budgeted to narrow to 4.3% in BE FY27, a sequence that keeps the post pandemic promises on course while still giving room for capex-driven growth.
On the expenditure and borrowing front, the Budget raised capital expenditure to about Rs 12.2 lakh crore for FY27, signalling another year of heavy public investment in infrastructure, especially in emerging tier 2 and tier 3 growth centres that are starting to look more like mini metros than satellite towns. To fund the gap, the Centre plans net market borrowing of Rs 11.54 lakh crore through dated securities, with the balance coming from small savings and other sources, in line with the glide path indicated in the Budget 2025 26 speech. That combination—slower deficit, still high capex and a calibrated borrowing programme—is meant to keep bond yields contained while nudging the baton from public to private capex over the medium term.
Markets, however, zeroed in on the tax tweaks. On the indirect side, the Finance Bill, 2026 sharply increased the Securities Transaction Tax (STT) on derivatives: STT on futures goes up from 0.02% to 0.05% of the traded value, while STT on options rises from 0.10% to 0.15% of the premium (and from 0.125% to 0.15% when options are exercised). That makes high-churn F&O strategies more expensive at the margin and nudges some speculative volume off the table, even as it modestly boosts revenue. On the direct tax side, the Income-tax Act, 2025 is slated to take full effect from 1 April 2026, with fresh slab structures, harmonised surcharge rules and a cleaned up TDS/TCS and penalty framework, all aimed at reducing litigation and making the law more “plain English” for taxpayers.
The Budget also delivered compliance relief via Tax Collected at Source (TCS) rationalisation under the LRS and travel bucket. TCS on overseas tour packages has been pared down to a flat 2%, replacing the earlier structure that included higher 5–20% slabs and thresholds. Similarly, TCS on remittances under the Liberalised Remittance Scheme for education and medical treatment drops to 2% from 5%, with a higher trigger threshold, easing the cash flow pinch on families sending children abroad or paying for medical procedures. Alongside, the Bill tightens the architecture for revised and updated returns—allowing revised returns up to the end of the assessment year (or 12 months in the new Act), with a modest fee if filed late—while keeping the extended “updated return” window of up to four years, albeit at a steep additional tax to discourage strategic under reporting.
For cross border and enforcement issues, the Budget has carved out a targeted Foreign Assets of Small Taxpayers Disclosure Scheme, 2026. The scheme ring fences smaller cases—undisclosed foreign assets and income up to defined ceilings—into a one time, time bound window where taxpayers can come clean by paying 30% tax plus a 100% penalty on that tax on previously untaxed foreign assets or income, or a flat Rs 1 lakh fee in benign cases where foreign assets bought out of already taxed income were not reported in the foreign asset schedule. In return, declarants get immunity from further tax, penalty and prosecution under the Black Money Act on the declared items. The exact opening and closing dates will be notified separately, but the policy signal is clear: clean up small legacy foreign asset issues before the information exchange net tightens further.
On the business tax side, several structural tweaks stand out. First, supply of manpower is now explicitly included in the statutory definition of “work” for TDS purposes, putting manpower contracts clearly under the contractor TDS net at the familiar 1%–2% slabs depending on the payer’s status. Second, the Minimum Alternate Tax (MAT) regime has been recalibrated: the MAT rate in the old corporate tax regime is trimmed to 14% and treated as a final tax, while companies moving into the new lower rate regime are allowed to use their legacy MAT credits under the old law, but with a tight 25% cap on the amount of MAT credit that can be set off against normal tax in any one year and a 15 year sunset for utilisation. That balances taxpayer expectations on MAT credit with the government’s desire to avoid MAT shielded “zero tax” years under the new regime.
For non resident and digital economy players, the government has doubled down on India as a data and cloud hub. Through amendments to the exemption schedules, qualifying foreign companies that deliver global cloud or data centre services by procuring capacity from “specified” Indian data centres—which themselves must be owned and operated by Indian companies, notified by the Centre and meet detailed conditions—can enjoy a long duration tax exemption on such income, available up to the tax year ending 31 March 2047. The idea is to attract global cloud majors to build onshore stacks on top of Indian owned infrastructure, without triggering immediate tax friction on the foreign service entity’s income sourced from those data centre services.
The Budget also rationalises a few smaller but high friction levies. On the collection side, TCS rates on scrap and alcoholic liquor for human consumption are unified at 2%, down from higher earlier rates, giving a modest relief to cash flow sensitive sectors like metals trade and liquor distribution while keeping traceability intact. On capital markets, the long criticised buyback tax is being redesigned: rather than a blunt corporate level levy, the Bill proposes an additional capital gains tax on promoter level gains arising from buybacks, at differentiated rates for domestic and foreign promoters, while non promoter shareholders simply pay normal capital gains tax. That structure softens the blow for retail holders and aligns with the policy goal of penalising aggressive promoter buyback engineering more than ordinary investors.
Beyond taxes, the Budget leans hard into manufacturing, logistics and services as growth engines. Customs schedules have been overhauled to remove rate clutter, cut or eliminate basic customs duty on a basket of critical minerals and components for electronics, clean tech, batteries, telecom and shipping, and amend rates for shipbuilding, airports and select agri linked products, all with an eye on domestic value addition and supply chain resilience. Infrastructure plans—from PPP pipelines, a new asset monetisation plan and multimodal connectivity under PM Gati Shakti to continued support for Jal Jeevan, urban challenge funds and maritime corridors—are meant to keep the public investment cycle humming even as the deficit comes down. On the services and social side, the government has layered in measures such as a fresh Rs 10,000 crore fund of funds for startups, expanded skilling and research allocations, and sector specific pushes in tourism, medical tourism and urban livelihoods, framing the entire package as an attempt to deliver both hard infrastructure growth and more inclusive, employment rich development.
Bajaj Auto shed 0.87%. The company’s standalone net profit increased 18.68% to Rs 2,502.81 crore on 18.84% jump in revenue from operations to Rs 15,220.33 crore in Q3 FY26 over Q3 FY25.
VST Tillers Tractors advanced 1.27% after the company reported a 53.89% surge in total sales to 5,257 units in January 2026, up from 3,416 units sold in January 2025.
Meesho fell 4.97% after the company's consolidated net loss widened to Rs 490.68 crore in Q3 FY26, compared with a loss of Rs 37.43 crore in Q3 FY25. Net sales rose 31.32% YoY to Rs 3,517.60 crore in Q3 FY26 from Rs 2,678.64 crore in the year-ago quarter.
Steel Strips Wheels (SSWL) advanced 0.66% after the company reported a net turnover of Rs 480.03 crore for January 2026, marking a 17.32% year-on-year (YoY) increase compared to Rs 409.16 crore recorded in January 2025.
R R Kabel rose 1.10% after the company reported growth in profit and revenue for the December quarter. On a consolidated basis, net profit rose 72.4% YoY to Rs 118.2 crore in Q3 FY26, compared with Rs 68.6 crore in Q3 FY25.
Relaxo Footwears fell 2.06% after the company reported a 19.6% decline in net profit to Rs 26.54 crore, despite a 0.2% rise in net sales to Rs 668.03 crore in Q3 FY26 over Q3 FY25.
Escorts Kubota advanced 2.29% after the company’s Agri Machinery Business in January 2026 sold 9,799 tractors registering a growth of 46.9% as against 6,669 tractors sold in January 2025.
Global Markets:
On Friday, U.S stocks witnessed some profit taking, with technology shares remaining in a funk, even as investors largely approved of President Donald Trump’s pick of Kevin Warsh to lead the Federal Reserve.
The S&P 500 fell 0.43% to finish at 6,939.03, its third straight down day. The Dow Jones Industrial Average pulled back 179 points, or 0.36%, to settle at 48,892.47. The tech-heavy Nasdaq Composite underperformed, dropping 0.94%, to end the day at 23,461.82. All three indexes fell more than 1% at session lows.
Spot gold and silver dropped around 9% and 28%, respectively. Over the past year, gold and silver futures have soared about 67% and 142%, respectively.
Warsh’s selection was likely to ease concern about Fed independence because of his experience as a Fed governor and strong stance at times against inflation. While he is likely to push for lower rates in short term as Trump wants, the financial markets view him as someone who wouldn’t always follow the president’s direction and maintain credibility for monetary policy.
Hindalco Industries Ltd is up for a fifth straight session in a row. The stock is quoting at Rs 1006.45, up 4.64% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.4% on the day, quoting at 25275.35. The Sensex is at 82136.46, up 0.34%. Hindalco Industries Ltd has added around 16.35% in last one month.
Meanwhile, Nifty Metal index of which Hindalco Industries Ltd is a constituent, has added around 12.64% in last one month and is currently quoting at 11829.65, up 2.73% on the day. The volume in the stock stood at 64.87 lakh shares today, compared to the daily average of 65.83 lakh shares in last one month.
The benchmark February futures contract for the stock is quoting at Rs 1003.25, up 4.11% on the day. Hindalco Industries Ltd is up 72.31% in last one year as compared to a 9.12% gain in NIFTY and a 46.27% gain in the Nifty Metal index.
The PE of the stock is 30.22 based on TTM earnings ending September 25.
Hindalco Industries Ltd gained for a third straight session today. The stock is quoting at Rs 954.05, up 1.02% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.31% on the day, quoting at 25210.75. The Sensex is at 82029.72, down 0.34%. Hindalco Industries Ltd has risen around 10.36% in last one month.
Meanwhile, Nifty Metal index of which Hindalco Industries Ltd is a constituent, has risen around 8.36% in last one month and is currently quoting at 11573.7, up 0.58% on the day. The volume in the stock stood at 37.9 lakh shares today, compared to the daily average of 60.85 lakh shares in last one month.
The benchmark January futures contract for the stock is quoting at Rs 952.5, up 1.21% on the day. Hindalco Industries Ltd is up 57.2% in last one year as compared to a 9.17% spurt in NIFTY and a 37.94% spurt in the Nifty Metal index.
The PE of the stock is 29.68 based on TTM earnings ending September 25.
Hindalco Industries Ltd is up for a third straight session today. The stock is quoting at Rs 954.25, up 1.92% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.09% on the day, quoting at 25754.85. The Sensex is at 83636.15, up 0.01%. Hindalco Industries Ltd has gained around 12.55% in last one month.
Meanwhile, Nifty Metal index of which Hindalco Industries Ltd is a constituent, has gained around 10.51% in last one month and is currently quoting at 11355.2, up 2.7% on the day. The volume in the stock stood at 39.8 lakh shares today, compared to the daily average of 55.75 lakh shares in last one month.
The benchmark January futures contract for the stock is quoting at Rs 955.05, up 1.97% on the day. Hindalco Industries Ltd is up 61.31% in last one year as compared to a 10.95% jump in NIFTY and a 40.83% jump in the Nifty Metal index.
The PE of the stock is 29.41 based on TTM earnings ending September 25.
Hindalco Industries Ltd is up for a fifth straight session today. The stock is quoting at Rs 931.8, up 0.66% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.02% on the day, quoting at 26333.05. The Sensex is at 85709.92, down 0.06%. Hindalco Industries Ltd has gained around 13.71% in last one month.
Meanwhile, Nifty Metal index of which Hindalco Industries Ltd is a constituent, has gained around 13.22% in last one month and is currently quoting at 11421.85, up 0.53% on the day. The volume in the stock stood at 37.74 lakh shares today, compared to the daily average of 49.92 lakh shares in last one month.
The benchmark January futures contract for the stock is quoting at Rs 935.4, up 0.69% on the day. Hindalco Industries Ltd is up 62.31% in last one year as compared to a 11.5% jump in NIFTY and a 35.79% jump in the Nifty Metal index.
The PE of the stock is 29.09 based on TTM earnings ending September 25.
National Aluminium Company Ltd gained 1.46% today to trade at Rs 319.1. The BSE Metal index is up 0.28% to quote at 37218.88. The index is up 9.35 % over last one month. Among the other constituents of the index, NMDC Ltd increased 1.23% and Hindalco Industries Ltd added 0.99% on the day. The BSE Metal index went up 27.69 % over last one year compared to the 6.65% surge in benchmark SENSEX.
National Aluminium Company Ltd has added 19.76% over last one month compared to 9.35% gain in BSE Metal index and 0.18% rise in the SENSEX. On the BSE, 29771 shares were traded in the counter so far compared with average daily volumes of 6.14 lakh shares in the past one month. The stock hit a record high of Rs 319.95 on 31 Dec 2025. The stock hit a 52-week low of Rs 140 on 07 Apr 2025.