The BSE Sensex and the Nifty 50 oscillated in narrow ranges through most of the session, reflecting the market’s wait-and-watch stance ahead of the Finance Minister’s policy announcements. The Nifty hovered around the 25,300 mark, while the Sensex traded marginally higher in early deals before slipping into mild negative territory. Overall sentiment remained muted, with traders reluctant to take aggressive positions until greater clarity emerged on fiscal consolidation, taxation and spending priorities.
Sectoral performance was mixed. Metal stocks came under notable pressure, dragging the broader market lower as concerns over global demand and commodity price volatility weighed on the segment. Shares of major steel and aluminium producers were among the top losers of the day. In contrast, pharmaceutical and healthcare stocks showed relative resilience, attracting modest buying as investors sought defensive pockets amid uncertainty. Infrastructure and defence-related stocks also drew selective interest on expectations of continued government focus on capital expenditure and domestic manufacturing, though gains were restrained in the absence of concrete budget details.
Commodity markets experienced sharper moves compared with equities. Gold and silver futures saw a steep sell-off, with prices plunging during the session on heavy profit-booking and a stronger US dollar, which reduced the appeal of precious metals. The sharp decline in bullion prices also weighed on the shares of commodity exchange operator MCX, which traded with significant losses.
Market participants noted that the unusual timing of the session, coupled with bank closures on Sunday, added an extra layer of caution. Settlement of trades executed during the session is set to follow modified timelines, influencing intraday liquidity and trading strategies. Institutional activity was mixed, with domestic investors providing some support while foreign investor participation remained relatively subdued.
Overall, the special Sunday session was characterised by cautious trading, thin volumes and selective stock-specific action. With no major directional cues emerging during the day, investor focus stayed firmly on the Union Budget speech and its potential impact on growth, taxation, capital spending and sectoral prospects. Markets are expected to show sharper moves in the coming sessions as participants digest the policy measures and recalibrate their positions.
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