Defense stocks staged a sharp rebound on Monday after the sectoral index clawed back losses following an intraday fall of nearly 4 per cent, following the Union Budget presentation on Sunday. The government’s push to bolster the armed forces following Operation Sindoor and ongoing global geopolitical tensions was evident in the Budget, which has earmarked a record 15 per cent increase for the Ministry of Defense to ₹7.84 lakh crore for FY27, up from ₹6.81 lakh crore in FY26.

Shares of Bharat Forge, Data Patterns, Bharat Electronics (BEL), BEML and Garden Reach Shipbuilders & Engineers (GRSE) led the recovery, while Bharat Dynamics and Cochin Shipyard remained under pressure. Hindustan Aeronautics (HAL) also pared early losses to trade firmer as the session progressed.

Brokerage Goldman Sachs struck a constructive tone on the sector, highlighting that the overall defense budget has been raised 7 per cent year-on-year to ₹7.85 lakh crore, above its estimate of ₹7.75 lakh crore. The firm said the sharp 62 per cent jump in spending on other equipment—such as missiles, ammunition, radar systems and electronics—to ₹82,200 crore was a key positive surprise in the Budget.

According to Goldman Sachs, companies positioned as direct beneficiaries of higher equipment outlays include Solar Industries, BEL and Bharat Dynamics, as procurement momentum in these segments remains strong.

Published on February 2, 2026

Commerce and Industry Minister Piyush Goyal on Monday held a meeting with National Stock Exchange (NSE) MD and CEO Ashish Kumar Chauhan in Mumbai on the holistic benefits of the Budget 2026-27.

Investors and captains from the mutual funds and asset management industry were also present at the meeting.

“Had an excellent and engaging breakfast meeting on the holistic benefits of the #ViksitBharatBudget2026 at the NSE, with their MD & CEO @AshishChauhan ji, along with investors and captains from the mutual funds and asset management industry. Delighted by their optimism following the budget, their excitement for the growth opportunities that it supports, as well as the new ideas and suggestions that they shared,” Goyal said in a social media post.

The meeting comes on the heels of the FY27 Budget proposal to increase the securities transaction tax (STT) on futures contracts to 0.05 per cent from 0.02 per cent. STT on options premium and exercise of options are proposed to be raised to 0.15 per cent from the present rate of 0.1 per cent and 0.125 per cent, respectively.

The government expects to collect ₹73,700 crore through STT in FY27.

Soon after the announcement on Sunday afternoon, benchmark index Sensex plunged 2,370.36 points, or 2.88 per cent, to slip below the 80,000-mark to 79,899.42. The 50-share NSE Nifty tanked 748.9 points, or 2.95 per cent, to 24,571.75. Later, the indices bounced back.

Addressing a post-budget conference on Sunday, Finance Minister Nirmala Sitharaman said the government is not against derivative trade, but wants small investors, who are facing huge losses, to stay away from the speculative F&O market.

“This nominal increase is purely aimed at speculation, only to deter them, to discourage them. We are not against it (F&O trade), but small investors are facing losses, so how can we be quiet, so it (STT hike on F&O) is to deter such investments,” Sitharaman said.

Published on February 2, 2026

Belrise Industries’ EBITDA grew 9.6% to ₹286.93 crore, with margins improving to 12.3%.

Belrise Industries reported a 35.9 per cent year-on-year increase in profit before tax to ₹177.49 crore for the quarter ended December 31, 2025, driven by strong operational performance and strategic expansion initiatives.

The Pune-based automotive component manufacturer posted total revenue of ₹2,340.52 crore for Q3 FY26, up 8 per cent from the same period last year. EBITDA grew 9.6 per cent to ₹286.93 crore, with margins improving to 12.3 per cent. For the nine-month period, revenue rose 15.6 per cent to ₹6,956.27 crore while PBT surged 62.5 per cent to ₹497.68 crore.

In a significant move to diversify beyond automotive, Belrise completed its first international acquisition by purchasing SDM, a European aerospace manufacturer specializing in precision-machined parts. The acquisition, valued at €0.35 million, provides access to supply chains of major global aircraft manufacturers. SDM is expected to generate €3–4 million in revenue in FY27.

The company also signed a strategic collaboration with Israel’s Plasan Sasa on December 22 to manufacture electric mission modules for the Indian military. Additionally, Belrise announced a merger with Badve Autocomps and Eximius Infra Tech, expected to add ₹1,000 crore in revenue and simplify group structure.

Managing Director Shrikant Badve said the company remains focused on scaling high-value engineered systems across automotive, defense, and aerospace segments. The company also secured orders for a new manufacturing facility in Haridwar, with production starting in Q4 FY26.

The shares of Belrise Industries Limited were trading at ₹166.62 up by ₹1.45 or 0.88 per cent on the NSE today at 1.45 pm.

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Published on February 2, 2026

Market breadth remained weak, with 2,756 stocks declining against 1,278 advancing on the BSE, where 4,218 stocks were traded. | Photo Credit: istock.com

Benchmark indices staged a recovery on Monday afternoon, reversing subdued opening trades to climb into positive territory as investors regained composure following the sharp Budget-led sell-off from the previous session. The BSE Sensex rose 583.49 points or 0.72 per cent to 81,306.43, while the NSE Nifty gained 133.05 points or 0.54 per cent to 24,958.50 as of 1.10 pm.

The indices opened lower, with the Sensex starting at 80,555.68 against its previous close of 80,722.94, and the Nifty opening at 24,796.50 against 24,825.45. However, steady buying interest through the session lifted both benchmarks into positive territory by early afternoon.

TMT Power and Infra led Nifty gainers with a surge of 4.35 per cent to ₹359.65, followed by Power Grid Corporation which jumped 4.12 per cent to ₹261.70. Adani Ports climbed 3.31 per cent to ₹1,389.40, Tata Consumer Products advanced 3.21 per cent to ₹1,122.20, and Reliance Industries gained 2.70 per cent to ₹1,383.40.

On the losing side, Shriram Finance declined 5.05 per cent to ₹947.20, emerging as the top Nifty loser. Max Healthcare fell 2.77 per cent to ₹949.65, Cipla dropped 2.14 per cent to ₹1,300.50, Axis Bank slipped 1.66 per cent to ₹1,318.10, and Infosys declined 1.39 per cent to ₹1,631.50.

Market breadth remained weak, with 2,756 stocks declining against 1,278 advancing on the BSE, where 4,218 stocks were traded. A total of 310 stocks hit 52-week lows compared to 68 touching 52-week highs, while 211 stocks were locked in lower circuits against 163 in upper circuits.

Sectoral indices showed mixed performance, with Nifty Next 50 down 0.12 per cent at 66,278.65, Nifty Financial Services declining 0.21 per cent to 26,644.20, and Nifty Bank falling 0.33 per cent to 58,224.45. Mid and small-cap indices underperformed, with Nifty Midcap 100 down 0.44 per cent at 56,870.95 and Nifty Smallcap 100 sliding 0.90 per cent to 16,270.80.

Amnish Aggarwal, Director of Institutional Research at PL Capital, said the Budget carried forward focus on infrastructure, renewables, defence, logistics clusters, tourism, value-added farming and data centers which would help sustain strong growth momentum. He added that while markets were spooked by lack of direct announcements, increased STT rates on F&O and dashed hopes of LTCG reduction, a bottom-up approach would be better to navigate current uncertainty, remaining constructive on banks, NBFCs, automobiles, select staples, jewellery, select durables, hospitals, defence, ports and telecom stocks.

Published on February 2, 2026

FILE PHOTO: Gold rate today. | Photo Credit: Hollie Adams

Gold prices in India saw a decrease in all key cities. The price for 8 grams of 24-carat gold also dropped in all cities compared with the previous session. Below is a detailed breakdown of gold prices in key cities.

Gold rates in India:

Gold prices in India were as reported today ₹13,940 for 1 gram of 22-carat gold (down by ₹830) and ₹1,11,520 for 8 grams of 22-carat gold (down by ₹6,640).

Gold Rate in Mumbai:

22 Carat: gold price in mumbai were ₹13,940 for 1 gram of 22-carat gold (down by ₹830) and ₹1,11,520 for 8 grams of 22-carat gold (down by ₹6,640).

24 Carat: gold price in mumbai as reported today were ₹14,637 for 1 gram of 24-carat gold (down by ₹872) and ₹1,17,096 for 8 grams of 24-carat gold (down by ₹6,976).

Gold Rate in Chennai:

22 Carat: gold price in chennai today were ₹13,950 for 1 gram of 22-carat gold (lower by ₹950) and ₹1,11,600 for 8 grams of 22-carat gold (down by ₹7,600).

24 Carat: gold price in chennai today were ₹14,648 for 1 gram of 24-carat gold (down by ₹997) and ₹1,17,184 for 8 grams of 24-carat gold (down by ₹7,976).

Gold Rate in Hyderabad:

22 Carat: gold price in Hyderabad today were ₹13,950 for 1 gram of 22-carat gold (lower by ₹950) and ₹1,11,600 for 8 grams of 22-carat gold (down by ₹7,600).

24 Carat: gold price in Hyderabad today were ₹14,648 for 1 gram of 24-carat gold (down by ₹997) and ₹1,17,184 for 8 grams of 24-carat gold (down by ₹7,976).

Gold Rate in Delhi:

22 Carat: gold price in delhi today were ₹13,990 for 1 gram of 22-carat gold (down by ₹830) and ₹1,11,920 for 8 grams of 22-carat gold (down by ₹6,640).

The gold price in delhi today were ₹14,690 for 1 gram of 24-carat gold (down by ₹871) and ₹1,17,520 for 8 grams of 24-carat gold (down by ₹6,968).

Gold Rate in Ahmedabad:

22 Carat: gold price in Ahmedabad today were ₹13,994 for 1 gram of 22-carat gold (down by ₹830) and ₹1,11,952 for 8 grams of 22-carat gold (down by ₹6,640).

24 Carat: gold price in Ahmedabad today were ₹14,694 for 1 gram of 24-carat gold (down by ₹871) and ₹1,17,552 for 8 grams of 24-carat gold (down by ₹6,968).

Gold Rate in Bengaluru:

22 Carat: gold price in Bengaluru today were ₹14,000 for 1 gram of 22-carat gold (down by ₹830) and ₹1,12,000 for 8 grams of 22-carat gold (down by ₹6,640).

24 Carat: gold price in Bengaluru today were ₹14,700 for 1 gram of 24-carat gold (down by ₹872) and ₹1,17,600 for 8 grams of 24-carat gold (down by ₹6,976).

Gold Rate in Kolkata:

22 Carat: gold prices in kolkataa today were ₹14,040 for 1 gram of 22-carat gold (down by ₹830) and ₹1,12,320 for 8 grams of 22-carat gold (down by ₹6,640).

24 Carat: gold price in Kolkata today were ₹14,742 for 1 gram of 24-carat gold (down by ₹872) and ₹1,17,936 for 8 grams of 24-carat gold (down by ₹6,976).

Gold Rates Courtesy: bankbazaar.com

Published on February 2, 2026