Mumbai : Indian equity markets opened lower on February 1 amid heightened volatility ahead of the Union Budget presentation by Finance Minister Nirmala Sitharaman. The Sensex dropped 312.62 points (a 0.38% decline), while the Nifty 50 shed 205.10 points, representing a 0.81% fall in initial trading, reflecting pre-budget nervousness and selective profit booking across sectors. Market participants appeared to be pricing in policy continuity rather than sweeping reforms, hence, keeping risk appetite in check at the opening bell.
Commodity markets also opened sharply lower, with precious metals bearing the brunt of selling pressure ahead of the budget speech. MCX Gold prices opened at ₹1.45 lakh per 10 grams, down nearly 3% from Friday’s close of ₹1.49 lakh per 10 grams. MCX Silver saw steeper losses, opening at ₹2.74 lakh per kilogram, a decline of 6% compared with the previous close of ₹2.92 lakh per kilogram.
The sharp correction in bullion prices comes amid profit-taking and caution ahead of potential budget-related policy signals, following a strong rally in recent weeks. On the equity side, investors are closely tracking PSU banks, defence and railway stocks, sectors that have been in focus ahead of the budget due to expectations around capital expenditure and policy support.
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