Mumbai, Jan 29: The Indian equity markets traded lower early on Thursday, tracking mixed global cues and weakness in IT stocks.

As of 9.30 am, Sensex eased 347 points, or 0.42 per cent, to reach 81,997, and Nifty lost 81 points, or 0.32 per cent at 25,260.

The rupee declined past the key 92 a dollar barrier in early trade, eclipsing its previous all-time low of 91.9650 last week.

Main broad-cap indices showed divergence with benchmark indices, as the Nifty Midcap 100 gained 0.21 per cent, and the Nifty Smallcap 100 surged 0.47 per cent.

All sectoral indices were trading in the red except metal, PSU bank, realty as well as oil and gas. Nifty metal and PSU bank were notable gainers up 1.76 per cent and 0.70 per cent. Nifty oil and gas gained 0.78 per cent.

Nifty IT was the major loser, down 1.29 per cent. Immediate support lies at 25,200 zone, while resistance is anchored at 25,400–25,500 zone, market watchers said.

Analysts dubbed Nifty’s surge of 300 points during the last two trading days as “a temporary response in anticipation of the Union Budget”. Since the bears won’t risk going into the Budget with huge open short positions, they have covered some shorts and this has contributed to the rally, they added.

FIIs short to medium-term strategy of ‘sell India’ and shift capital to other markets will remain unchanged unless there are notable announcements in the Budget, nudging them to return to India, they said.

Asia-Pacific markets mostly traded lower in the morning session after the US Federal Reserve overnight kept its benchmark rate steady at a target range of 3.5 per cent to 3.75 per cent.

In Asian markets, China’s Shanghai index eased 0.1 per cent, and Shenzhen added 0.01 per cent, Japan’s Nikkei traded flat, while Hong Kong’s Hang Seng Index gained 0.34 per cent. South Korea’s Kospi added 0.94 per cent.

The US markets ended largely in the green overnight as Nasdaq advanced 0.17 per cent. The S&P 500 eased 0.01 per cent, and the Dow gained 0.02 per cent.

On January 27, foreign institutional investors (FIIs) became net buyers for the first time in 2026, and net bought equities worth Rs 480 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 3,360 crore.

New Delhi, Jan 29: Nirmala Sitharaman is the first woman to present the Union Budget for the ninth consecutive time, making history in the country’s Parliamentary history, Prime Minister Narendra Modi said on Thursday.

Addressing the 2026 Budget Session in Parliament, PM Modi said that one-fourth of the 21st century has gone by. “This is the beginning of the next quarter. To attain the goal of Viksit Bharat in 2047, the important phase of these 25 years has begun. The first Budget of this second quarter of the century is about to be presented,” the Prime Minister noted.

PM Modi further stated that Sitharaman is the first woman finance minister of the country to present the Budget in Parliament for the ninth consecutive time.

“This is registered as a proud moment in the Parliamentary history of the country,” PM Modi highlighted.

FM Sitharaman will present the 15th Budget of the PM Modi government on February 1. This will also be the second full Budget since the National Democratic Alliance (NDA) came to power for a third consecutive term in 2024.

For the Union Budget 2026, the finance minister is backed by a strong team of bureaucrats and economists, including several new entrants.

Anuradha Thakur, Economic Affairs Secretary, is widely seen as the key figure in shaping the overall Budget architecture. She leads the Budget Division, which drafts the core documents and frames the macroeconomic strategy for FY2026-27. Her responsibilities include guiding resource allocation, assessing fiscal space, and ensuring that growth priorities align with overall economic stability.

Chief Economic Adviser V. Anantha Nageswaran provides the analytical backbone for the Union Budget. His office assesses global risks, projects economic growth, and evaluates sectoral trends across agriculture, industry, and services. It also advises the Finance Minister on major reforms, fiscal policy choices, and long-term financial strategy.

Revenue Secretary Arvind Shrivastava supervises both direct taxes, such as income tax and corporate tax, and indirect levies, including GST and customs duties. Budget 2026-27 will be his first as Revenue Secretary.

Expenditure Secretary Vumlunmang Vualnam oversees public spending, subsidy reforms, and the rollout of major central schemes. His department plays a key role in maintaining fiscal discipline and managing the fiscal deficit.

Department of Financial Services Secretary M. Nagaraju supervises public sector banks, insurance companies, and pension institutions. His department is deeply involved in pushing financial inclusion, expanding credit, and strengthening social security programmes.

Arunish Chawla, Secretary, Department of Investment and Public Asset Management, is responsible for managing non-tax revenue targets arising from the sale of government stakes in central public sector enterprises.

New Delhi, Jan 27: Bank employees across the country went on strike on Tuesday to protest for their demands, including the immediate implementation of a five-day work week in the sector, leading to widespread disruption of banking services, including cash deposits, withdrawals, cheque clearances and other routine transactions.

The nationwide strike was called by the United Forum of Bank Unions (UFBU).

In Gujarat’s Vadodara, employees of nationalised banks joined the strike in large numbers. Protesters said that memoranda regarding the demand for a five-day work week had been submitted to the government on multiple occasions, but no concrete steps had been taken so far, forcing employees to resort to a strike. Due to the agitation, customers faced inconvenience as several bank branches remained closed or operated with minimal staff.

A protesting employee said: “More than eight lakh bank employees across India are participating in today’s strike. Our demand for a five-day banking week has been pending since 2015. Institutions such as the LIC, state governments and the Central government already follow a five-day work week. We were assured that banks would also shift to this system, but nothing has been implemented yet.”

In West Bengal’s Cooch Behar, bank employees’ unions held protests in front of the State Bank of India and other banks, reiterating their demand for a five-day work week.

A protester said: “Banks across the world and most offices in India, whether under the Central or state governments, function for five days a week. From the Reserve Bank of India to NABARD and LIC, all follow a five-day schedule, but nationalised and private banks have been left out. We had an agreement with the Indian Banks’ Association (IBA) on this issue.”

Similar scenes were witnessed in Murshidabad district, where banks and ATM branches in Berhampore and other areas remained closed. Posters highlighting the demands of the bank unions were displayed outside bank premises.

A protester said the demand for five-day banking had been pending for nearly three years and was repeatedly postponed by the government.

“The government keeps saying it will be implemented soon, but nothing has happened so far. That is why we are protesting today,” he said.

In Uttar Pradesh’s Ghazipur district, over 10,000 bank employees from nearly 250 banks joined the nationwide strike, disrupting transactions worth over Rs 150 crore. Banking activities across the district came to a standstill, causing inconvenience to customers and businesses alike.

In Lucknow, All India Bank Officers’ Confederation (AIBOC) Senior Vice-President Ramnath Shukla said: “There is only one demand, and that is five-day banking. This demand has been ongoing for the past ten years. When the second and fourth Saturdays were declared holidays, it was promised that the remaining Saturdays would also be closed in the next settlement. Other departments were given five-day working without even demanding it.”

Indian Bank employee Anshika Singh Visen said: “In the last bipartite settlement, it was decided that bankers would be given five-day banking, with work from Monday to Friday and weekends off. However, while other proposals were accepted, the five-day banking proposal was not implemented.”

In Chandigarh, the one-day strike also affected normal banking operations. Bank employees staged protests outside bank branches, raising slogans in support of their demand for a five-day work week.

In Chhattisgarh’s Raipur, around 25,000 bank employees from nearly 2,500 banks participated in the strike. Banking services across the state were severely affected as employees gathered in large numbers to protest and press for their long-pending demand.

In Patna, Punjab National Bank employee Dimple said the strike was not an “out-of-work” protest.

“The government had agreed under the bipartite settlement that five-day banking would be implemented within six months. However, even after two years, the demand has not been fulfilled. The RBI, the SIDBI, the SEBI, and the NABARD all function for five days. We want the same to be implemented in banks immediately,” she said.

Another PNB employee, Ritika, said: “The 12th Bipartite Settlement clearly stated that five-day banking would be implemented within six months. It has been two years since the agreement, but nothing has been done. That is why we are on strike today.”

In Rajasthan’s Dholpur, banks across the district remained completely closed, severely affecting essential services such as cash transactions, deposits, withdrawals and cheque clearances, causing significant inconvenience to the public.