Stock Market Live Updates: Nifty, Sensex Trade Flat In Special Budget Session; Silver, Gold Slump

Shares of IFCI Ltd. are buzzing in trade on Sunday's special trading session as investors rush to buy the company, which indirectly holds shares in National Stock Exchange Ltd. The stock is trading at Rs 60.08, accounting for gains of more than 9% compared to the last closing price of Rs 55.09.

This comes on the back of NSE receiving a No-Objection-Certificate (NOC) for its initial public offering, putting an end to a decade-long wait. This is a favourable outcome for IFCI, which is a government-owned non-banking finance company established to cater to the long-term finance needs of the industrial sector.

The Nifty metal index started the day on a sour note and fell 3% after silver prices crashed on the multi commodity exchange on Sunday. Silver plunged 36% from its all-time high of Rs 4,20,048 per kg to a record low of Rs 2,65,652 per kg on the MCX. 

Continuing on the sharp drawdown over the last two days, silver prices fell again up to 10% on the MCX as the global sell-off in the metals market continues. The MCX silver is currently trading at around Rs 2.65 lakh, accounting for a 9% fall from the last closing price.

Other major metal stocks also dragged with shares of Hindustan Zinc Ltd. trading 11.11% lower at Rs 564 apiece, Hindustan Copper Ltd. plunging over 14% to Rs 586.65, National Aluminium Company Ltd. trading 10% lower at Rs 348.05, and Vedanta Ltd. falling over 5% to Rs 644.80 apiece. 

Gold dipped 9% on Sunday ahead of the Union Budget. The gold rate in India on Sunday is Rs 1,43,330 per 10 gms while the silver rate is Rs 2,75,260 per 1 kg, according the Bullions website.

In Mumbai, the financial heart of the country, 24-carat gold is retailing at approximately Rs 1,38,500 per 10 grams. Kolkata follows a similar trend, with its gold rate reported at Rs 1,38,320. Both cities are ahead of the national capital, Delhi, where the 24-carat rate currently stands at Rs 1,69,880.

The southern markets continue to record the highest figures in the country. Chennai leads the metros with a peak rate of Rs 1,38,910, while Hyderabad and Bengaluru follow closely at Rs 1,38,720 and Rs 1,38,610 respectively, keeping the price gap between the southern hubs and the northern capital distinct.

MCX on Sunday saw its biggest single day fall in five years after gold and silver costs crashed on the MCX. MCX is down 21% from 52-week high.

Shares of defence counters rallied ahead of the upcoming Union Budget on Sunday, with MTar Technologies and Data Patterns (India) leading gains. 

The Nifty India Defence index currently leads the sectoal rally, as compared to largely unchanged movement in the benchmark Nifty 50.

Continuing on the sharp drawdown over the last two days, Silver prices fell again Sunday morning, falling up to 10% on the MCX as the global sell-off in the metals market continues.

The Silver MCX is currently trading at around Rs 2.65 lakh, accounting for a 9% fall from the last closing price. The Silver MCX prices are down 36% from record highs, a drawdown that is part of a larger correction in precious metals.

Read more: Silver Extends Fall Ahead Budget 2026; Declines 9% On MCX

At pre-open, the NSE Nifty 50 was trading 13.10 points or 0.05% higher at 25,333.75. The BSE Sensex was 119.19 points higher at 82,388.97.

Here are the top five expectations from the Union Budget 2026:

• Fiscal consolidation approach to be largely maintained
• Greater focus on capex
• GST reforms
• Consumption support
• Increase budget allocation in sectors like defence and railways

Union Budget is a major event for investors and can significantly impact stock market sentiment. While experts pointed there are limited scope for further cuts on the income tax front, any change in the long-term capital gains (LTCG) will likely be a strong boost to the market sentiment.

"In the markets, the 12.5% Long-Term Capital Gains (LTCG) tax has created a "friction of success." We urge a return to the 10% LTCG regime. Taxing inflationary gains discourages the long-term compounding essential for our Viksit Bharat 2047 target of a $30 trillion economy," said Rajeev Gupta, Executive Vice President & Business Head - Third Party Products, Religare Broking Ltd.

It is to be noted that Sunday remains a settlement holiday. Although stock markets will remain open, shares traded on Friday cannot be squared off today because of the disruption to the normal settlement cycle.

Bitcoin fell sharply on Saturday, tumbling below $80,000 to the lowest levels since April 2025 as part of a broader decline for digital assets. The drop came amid thin liquidity and limited buying interest, deepening a drawdown that has erased more than 30% from the world's largest cryptocurrency. 

Bitcoin fell as much as 10% to $75,709.88 during New York afternoon trading hours, while other tokens posted steeper losses. Ether, the second-largest digital asset, shed as much as 17%, and Solana at one point dropped over 17%.

Source: Bloomberg

Defence-linked stocks are likely to remain in focus during the Union Budget 2026 on Feb. 1, as investors factor in a moderate increase in defence outlay and continued emphasis on indigenisation. While the market is not expecting major surprises on headline allocations, attention is firmly on execution momentum, faster order finalisation and clarity on procurement timelines.

Among defence PSUs, companies with strong order books and execution visibility are expected to stay in the spotlight. Hindustan Aeronautics is seen benefiting from its aircraft and engine manufacturing pipeline, while Bharat Electronics remains a key play on defence electronics, radar and communication systems. Bharat Dynamics is also on investors' radar given its role in missile manufacturing, while shipbuilders such as Mazagon Dock Shipbuilders and Garden Reach Shipbuilders are being tracked amid ongoing naval modernisation.

Private sector defence manufacturers are also expected to attract interest as the indigenisation push gathers pace. Larsen & Toubro remains a key beneficiary of large platform and systems integration projects, while Bharat Forge, Data Patterns and Astra Microwave are seen gaining from increased localisation of components, electronics and subsystems.

Jefferies on Bajaj Auto

• Maintain Hold; Cut TP to Rs 9100 from Rs 9200
• Inline Dec-Q
• Positive on Indian 2W demand and expect 8% industry volume CAGR over FY26-28
• Like Bajaj's strong margin performance, but are concerned on market share dip in domestic motorcycles

Citi on Bajaj Auto

• Maintain Sell with TP of Rs 8000
• Q3FY26 Results Broadly In Line; Demand Outlook Buoyant
• Focus is on further expanding the Pulsar brand
• Positively surprised by mgmt.'s commentary on EVs
• Bajaj has broken even at Ebitda level in E2Ws
• E3W EBITDA margin is double-digits
• This is commendable esp given Bajaj has also been gaining market share in EVs

MS on Bajaj Auto

• Maintain Underweight; Hike TP to Rs 8782 from Rs 8137
• Q3 – inline quarter
• Sustaining momentum after the GST rate cut
• Expects double-digit growth in domestic motorcycles in Q4
• Introduced seven new interventions in the Pulsar portfolio and expects eight or more over the next four months
• No timeline yet for the non-Pulsar brand launch
• E2W portfolio is well covered with the launch of Chetak 25
• EV revenues are now 25% of domestic revenues
• Commodity headwind could be 50 bps in Q4
• Bajaj has passed on half of this through pricing; the currency tailwind will also offset

Railway-linked stocks are expected to remain in focus around the Union Budget 2026, amid expectations of continued government spending on infrastructure and policy continuity in the railways sector. While markets are not anticipating major surprises on the allocation front, analysts believe sustained capital expenditure will continue to support select railway stocks, particularly those aligned with execution, safety upgrades and capacity expansion.

Positive sentiment around railway equities is underpinned by the broader infrastructure thrust outlined in the Economic Survey, which points to record capital outlays, rapid network expansion and near-universal electrification. Railway capital expenditure is projected to rise by around 15% in FY26, reinforcing the government's corridor-led approach to capacity creation, asset modernisation and multimodal connectivity.

Read more: Budget 2026: Railway Stocks In Focus As Capex Push, Policy Continuity In Spotlight

Finance Minister Nirmala Sitharaman will present her ninth consecutive Union Budget today in the Lok Sabha today. The speech will be telecast live at 11:00 a.m. across the country. The country's most important financial document will be released at a time when the world's fastest-growing major economy has managed to withstand prohibitive US tariffs. 

Follow Budget 2026 Live Updates here.

• Nifty Feb futures is down 0.44% to 25,425 at a premium of 105  points.
• Nifty Options 3rd Feb Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 24,000.
• Securities in ban period: SAMMAANCAP

The US and Asian markets were closed for trading on Saturday and Sunday. 

 US and European index futures are trading mixed.

• S&P 500 futures are down 0.43%.
• Euro Stoxx 50 futures up 0.95%.

The GIFT Nifty was trading near 25,400 early on Sunday. The futures contract based on the benchmark Nifty 50 rose 0.06% at 25,420 as of 6:38 a.m. indicating a flat start for the Indian markets.

In the previous session on Friday, the benchmark snapped its three-day gaining streak. The Nifty ended 98.25 points or 0.39% lower at 25,320.65 and Sensex ended 296.59 points or 0.36% lower at 82,269.78.