India, Feb. 1 -- India's stock market recorded its worst budget day in six years after the Union Budget 2026 proposed a higher tax to curb F&O trading and new way to tax share buybacks.

The 30-share S&P BSE Sensex fell 1.88%, or 1,546.84 points, to 80,722.94 even as the broader NSE Nifty 50 fell 1.96%, or 495.20 points, to 24,825.45. Fifteen of 16 major sectors ended in the red. The small-caps and mid-caps slid 2.7% and 2.2%, respectively.

While the budget focused on development, "it stopped short of the firepower that could have delivered immediate excitement for markets," said Trideep Bhattacharya, president and chief investment officer of equities at Edelweiss Asset Management.

The market drifted lower during the session after the g...