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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.
Stocks in Spotlight:
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.
Mahindra & Mahindra Ltd, Max Healthcare Institute Ltd, JSW Energy Ltd, Carborundum Universal Ltd are among the other stocks to see a surge in volumes on BSE today, 27 January 2026.
Aegis Vopak Terminals Ltd recorded volume of 2.82 lakh shares by 10:46 IST on BSE, a 9.86 times surge over two-week average daily volume of 28628 shares. The stock gained 9.99% to Rs.221.25. Volumes stood at 14182 shares in the last session.
Mahindra & Mahindra Ltd witnessed volume of 9.87 lakh shares by 10:46 IST on BSE, a 9.72 times surge over two-week average daily volume of 1.01 lakh shares. The stock dropped 3.52% to Rs.3,417.95. Volumes stood at 1.09 lakh shares in the last session.
Max Healthcare Institute Ltd registered volume of 5.32 lakh shares by 10:46 IST on BSE, a 9.34 fold spurt over two-week average daily volume of 56963 shares. The stock slipped 2.12% to Rs.970.45. Volumes stood at 38046 shares in the last session.
JSW Energy Ltd saw volume of 5.04 lakh shares by 10:46 IST on BSE, a 7.78 fold spurt over two-week average daily volume of 64792 shares. The stock dropped 8.11% to Rs.439.75. Volumes stood at 68952 shares in the last session.
Carborundum Universal Ltd notched up volume of 3.14 lakh shares by 10:46 IST on BSE, a 7.71 fold spurt over two-week average daily volume of 40724 shares. The stock slipped 1.11% to Rs.807.30. Volumes stood at 2.35 lakh shares in the last session.
Yerawada Properties is engaged in real estate development business and owns 1.68 acres parcel of freehold land located in Yerawada, Pune, a prime locality in the centre of the city. The land has the capacity to accommodate development of a 450 bedded hospital.
The acquisition of YPPL will lead to expansion of company’s footprint in Maharashtra by enabling setting up of a hospital in Yerawada, Pune.
The purchase of equity stake shall be carried out in a step-up manner and shall conclude upon receipt of occupancy certificate for the hospital building planned to be constructed on the said land. In the first tranche, the company shall acquire 100% of the class-A equity shares representing 100% of the voting rights and nearly 50.22% of the economic interest in YPPL.
Further, the company shall acquire 100% class-B equity shares in a phased manner over a period of 4 years.
The board of Max Healthcare has also accorded its approval for setting up a 450 bedded super speciality hospital on the land owned by YPPL, at an aggregate spend of up to Rs 1,020 crore (including YPPL shares acquisition, construction, equipment cost, stamp duty, registration charges, etc.).
Max Healthcare Institute (Max Healthcare) is one of India’s largest healthcare organizations. The company operates 20 healthcare facilities (nearly 5,200 beds) with a significant presence in North India. In addition to the hospitals, Max Healthcare operates homecare and pathology businesses under brand names Max@Home and Max Lab, respectively.
The company had reported a 59% rise in net profit to Rs 554 crore on a 21% increase in net revenue to Rs 2,580 crore in Q2 FY26 as compared with Q2 FY25.
Max Healthcare Institute announced its entry into Pune with a 450-beds super speciality hospital, involving an investment of over Rs 1000 crore.
The state-of-the-art facility, situated in Yerawada, Pune—one of the city's prime and centrally located areas, is expected to be commissioned over the next 3 years. The hospital, will mark Max Healthcare's fourth facility in Western India, further strengthening Max Healthcare's presence in Maharashtra.
The transaction involves staggered acquisition of a 100% equity stake in Yerawada Properties (YPPL), Pune and further development of the hospital over the course of next 3 years.
IT, PSU bank and consumer durables shares advanced while media, realty and pharma shares declined.
At 13:30 IST, the barometer index, the S&P BSE Sensex added 60.55 points or 0.43% to 85,033.57. The Nifty 50 index advanced 100.05 points or 0.38% to 26,009.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.32% and the S&P BSE Small-Cap index slipped 0.28%.
The market breadth was negative. On the BSE, 1,756 shares rose and 2,296 shares fell. A total of 185 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.48% to 11.92.
HCL Technologies (up 4.31%), Max Healthcare Institute (up 4.20%), Infosys (up 3.30%), Wipro (up 2.24%) and Tata Consultancy Services (TCS) (up 1.90%) were the major Nifty50 gainers.
Tata Motors PV (down 2.14%), Maruti Suzuki India (down 1%), NTPC (down 0.82%), Coal India (down 0.77%) and Adani Ports and Special Economic Zone (APSEZ) (down 1.23%) were the major Nifty50 losers.
Waaree Energies dropped 4.02% after the company reported that officials from the Income Tax Department had visited several of its offices and facilities across India.
Solara Active Pharma Sciences shed 0.40%. The company said that its multi-product manufacturing facility at Mangalore, Karnataka has successfully completed the inspection carried out by the US Food and Drug Administration (US FDA).
G R Infraprojects rose 0.94% after it has received an engineering, procurement, and construction (EPC) contract worth Rs 262.28 crore for gauge conversion of 38.9 km on the Kosamba-Umarpada section of Western Railways.
Ice Make Refrigeration rose 1.67% after the company announced the appointment of M. Srinivas Reddy as chief executive officer (CEO) of the company, effective 14 November 2025.
Goel Construction Company advanced 1.09% after the company secured an order worth Rs 173.25 crore from Aditya Birla Group for civil, WHRS, post-clinkerization, and safety works at the Pali Cement Works unit in Rajasthan.
Knowledge Marine & Engineering Works rose 0.50%. The firm has secured its second order for a state-of-the-art Green Tug, marking a major milestone in the company’s push for sustainable maritime solutions.
Choice International rose 1.96% after the company’s subsidiary, Choice Consultancy Service (CCSPL) has acquired 100% shareholding in Ayoleeza Consultant, strengthening its advisory and consultancy capabilities across key infrastructure sectors.
RPSG Ventures fell 2.22%. The company said that its board has approved the proposed acquisition of 40% of the total issued and paid-up share capital of FSP Design, at an enterprise value of Rs 455.17 crore.
Global Market:
European market declined as investors are awaited the U.K inflation data for October and key earnings releases from Sage Group, Severn Trent and Smiths Group. Nvidia’s earnings report is another key factor investors are awaiting.
Most Asian markets declined on Wednesday, tracking Wall Street declines as concerns about artificial intelligence valuations continued to pressure tech stocks.
In Japan, concern over ballooning government spending plans has sent long-end bonds sliding and yields to record highs.
A 20-year auction later on Wednesday will be closely watched and benchmark 10-year yields hit a 17-year top of 1.765%.
On Wall Street, stocks fell again on Tuesday as technology shares continued to retreat on concerns about valuations of artificial intelligence-related stocks.
The Dow Jones Industrial Average shed 498.50 points, or 1.07%, to settle at 46,091.74. The S&P 500 lost 0.83% to end the day at 6,617.32. It was the broad-based index’s fourth straight losing session, making for its longest slide since August.
The Nasdaq Composite decreased 1.21% to finish at 22,432.85. At their lows of the session, the blue-chip Dow was lower by nearly 700 points, or 1.5%, while the S&P 500 and tech-heavy Nasdaq had fallen 1.5% and 2.1%, respectively.
A big AI partnership announced Tuesday failed to lift related stocks like such deals have in the past. AI-startup Anthropic said it will spend $30 billion with Microsoft and, in turn, Microsoft and Nvidia will invest billions in Anthropic. Nvidia and Microsoft remained deep in the red following the deal.
Simultaneously doubts are growing that the U.S. will cut interest rates again in December and investors worry that U.S. President Donald Trump's falling approval rating could drive fiscal spending and possibly stoke inflation.
The growth in revenue was driven by an increase in OBDs. International patient revenue stood at Rs 231 crore, reflecting a growth of 25% YoY, and accounted for nearly 9% of the hospital revenue.
Bed occupancy for the quarter was at 77%, with occupied bed days (OBDs) up by 19% YoY. ARPOB for Q2 FY26 stood at Rs 77.3 thousand compared to Rs 76.2 thousand in Q2 FY25 and Rs 78.0 thousand in Q1 FY26.
Network operating EBITDA in Q2 FY26 was Rs 694 crore, reflecting a growth of 23% YoY. EBITDA margin for the Network stood at 26.9% compared to 26.6% in Q2 FY25 and 24.9% in Q1 FY26. EBITDA margin for existing units was 27.5%.
Overall EBITDA per bed in Q2 FY26 stood at Rs 73.4 lakhs compared to Rs 71.2 lakhs in Q2 FY25 and Rs 68.5 lakhs in Q1 FY26. EBITDA per bed for existing units stood at Rs 76.5 lakhs, up 7% YoY.
Max Lab (non-captive pathology vertical) reported revenue of Rs 54 crore during the quarter, recording a growth of 16% YoY. Max Lab services now has presence across 60-plus cities and it offers a comprehensive range of over 2,700 tests.
Max@Home gross revenue in Q2 FY26 was Rs 63 crore, reflecting a growth of 20% YoY, driven by physio & rehab, critical care (assistance services), medicine delivery (transactional services) and medical rooms.
The company recorded a favourable tax impact of Rs 149 crore, arising from the merger of Crosslay Remedies (CRL) and Jaypee Healthcare (JHL). Excluding this one-time impact, PAT during the quarter stood at Rs 406 crore, up 16% YoY.
Free cash from operations was Rs 291 crore versus Rs 464 crore in Q2 FY25 and Rs 389 crore in Q1 FY26.
An amount of Rs 456 crore was deployed towards ongoing expansion plans and upgradation of facilities at newer units. In addition, Rs 146 crore was distributed as dividend. Net debt at the end of the quarter stood at Rs 2,067 crore compared to Rs 1,755 crore at the end of June 2025.
Pursuant to the binding term sheet executed in July 2025, JHL, a wholly owned subsidiary (WoS) of the company, has divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr effective 18 September 2025.
The NCLT Chandigarh Bench approved scheme of amalgamation of JHL and CRL, both wholly owned subsidiaries of the company, with an appointed date of 05 October 2024.
The 160 bed brownfield tower, including the additional radiation oncology program, has been commissioned at MSSH Mohali.
The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week.
Abhay Soi, chairman and managing director, Max Healthcare Institute, said: 'We continued our strong performance this quarter with revenue and operating EBITDA growth of 21% and 23%, respectively.
Integration of newly acquired Max Super Speciality Hospital, Noida (erstwhile Jaypee Hospital) is nearly complete. Commissioning of brownfield capacities at Max Mohali, Nanavati-Max and Max Smart is underway and operating leverage from the same will start reflecting in the financial and operating metrics soon.
On-streaming of brownfield capacities and strong underlying demand in our micro markets will further bolster our leadership position in the delivery of quality healthcare to our patients.'
The scrip had added 0.26% to end at Rs 1101.40 on the BSE on Friday.