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Key gauges trade marginally lower in late morning deals
Feb-02-2026

Indian equity benchmarks erased initial gains and were trading marginally lower in late morning deals, amid disappointment over the government's budget proposal to increase taxes on equity derivatives trading. Some concern also came as exchange data showed foreign institutional investors (FIIs) net sold Indian equities worth Rs 588 crore during Sunday’s special trading session. Traders took a note of private survey showed India's manufacturing activity inched up in ‍January as demand improved slightly but the gain wasn't strong enough to ⁠lift business optimism or meaningfully increase hiring. The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, ‌rose to 55.4 ‌in January from December's two-year low of 55.0. However, it came in below ‌the preliminary estimate of 56.8. On the global front, Asian markets were trading lower as new tariff threats from US President Donald Trump contributed to the negative sentiment.   

The BSE Sensex is currently trading at 80659.33, down by 63.61 points or 0.08% after trading in a range of 80480.61 and 81211.31. There were 15 stocks advancing against 15 stocks declining on the index.

The few gaining sectoral indices on the BSE were Oil & Gas up by 0.16% and Energy up by 0.13%, while Telecom down by 1.55%, Healthcare down by 1.48%, Capital Goods down by 1.31%, PSU down by 1.21% and FMCG down by 1.05% were the top losing indices on BSE.

The top gainers on the Sensex were Adani Ports &SEZ up by 2.31%, Asian Paints up by 1.80%, Larsen & Toubro up by 1.43%, Reliance Industries up by 1.20% and Power Grid Corporation up by 1.08%. On the flip side, SBI down by 2.18%, Titan Company down by 1.82%, ITC down by 1.74%, Hindustan Unilever down by 1.50% and Infosys down by 1.40% were the top losers.

Meanwhile, Commerce and Industry Minister Piyush Goyal has said that India has concluded eight free trade agreements (FTAs) over the past few years, covering 37 developed countries.  Moreover, he said India is actively engaged in dialogue for similar agreements with several countries, including Chile, Peru and Canada.

He said that trade negotiations with Chile are nearing completion, where India has interests in critical minerals. He highlight since 2014, India has finalised eight trade pacts -- Mauritius (April 2021 implemented), Australia (December 2022 implemented), UAE (May 2022 implemented), Oman (signed in December 2025), UK (signed in July 2025), EFTA (implemented in October 2025 - Switzerland, Iceland, Liechtenstein, Norway), New Zealand (talks concluded in December 2025), and the European Union (27-nation bloc).

Further, he stated that negotiations for a trade pact have begun with the Mercosur group of countries to expand the existing preferential trade agreement (PTA). The Mercosur trade bloc members are Argentina, Brazil, Paraguay and Uruguay. Besides, the Gulf Cooperation Council (GCC), a group of six nations from the Middle Eastern region, has also expressed interest to start and launch negotiations for a free trade agreement with India.

The CNX Nifty is currently trading at 24773.00, down by 52.45 points or 0.21% after trading in a range of 24726.85 and 24942.95. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Tata Motors Passenger up by 2.67%, Adani Ports &SEZ up by 1.93%, Tata Consumer Product up by 1.91%, Asian Paints up by 1.82% and Larsen & Toubro up by 1.36%. On the flip side, Shriram Finance down by 4.12%, Max Healthcare down by 3.37%, Cipla down by 2.45%, SBI down by 2.30% and ITC down by 1.96% were the top losers.

Asian markets were trading lower; Nikkei 225 slipped 428.85 points or 0.8% to 52,894.00, Taiwan Weighted lost 416.95 points or 1.3% to 31,646.80, Jakarta Composite plunged 442.45 points or 5.31% to 7,887.16, Shanghai Composite weakened 55.76 points or 1.35% to 4,062.19, KOSPI dropped 207.91 points or 3.98% to 5,016.45, Hang Seng declined 666.11 points or 2.43% to 26,721.00 and Straits Times fell 16.81 points or 0.34% to 4,888.32.
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