Stock market today: Top gainers and losers on NSE, BSE on February 1- check list

Indian equity markets closed sharply lower on Sunday in a special trading session held for the Union Budget, as investors reacted negatively to finance minister Nirmala Sitharaman’s proposal to hike the Securities Transaction Tax (STT) on derivatives.The benchmark indices ended over 2 per cent down. The BSE Sensex settled at 80,722.94, falling 1,843 points or 2.23 per cent, while the NSE Nifty50 closed at 24,825.45, down 593 points or 2.33 per cent. Both indices erased early gains and slipped deep into the red as details of the Budget emerged. Among Sensex stocks, State Bank of India was the biggest loser, sliding 5.48 per cent, followed by Adani Ports, which fell 5.28 per cent. In Nifty50, Hindalco witnessed a massive fall of 5.66 per cent. Explaining the sharp reaction, Pranav Haridasan, Managing Director and CEO of Axis Securities, said the hike in transaction costs has unsettled market participants. “Market unease, however, is centred on the increase in STT on F&O, particularly the sharper hike on futures. This comes on the back of higher capital gains taxes last year, raising overall transaction costs for market participants,” he said.Haridasan added that futures trading is already a regulated and risk-managed segment.“Futures are a margined, risk-managed product and not typically the primary source of retail excess, which raises questions on whether higher STT will deliver the desired outcome or instead weigh on liquidity, participation and India’s market cost competitiveness,” he said.Asian and European markets remained closed on Sunday due to holidays, while US markets ended lower on Friday.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)