Mumbai, Feb. 1 -- Market breadth has hit at least a five-year low during Sunday's budget session, with four out of every five BSE 500 stocks retreating. This marks the most widespread sell-off on a budget day since 2021, erasing gains across every sector except pharma and textiles.

The analysis is based on the common sample of stocks currently belonging to the BSE 500 Index and excludes interim budgets.

While the Budgets of 2023 and 2024 also saw significant declines-with 62% and 68% of stocks falling, respectively-today's bloodbath was far more systemic. The intensity was somewhat stark: Nearly 1% of stocks plunged over 10%, a level of carnage mirrored only in 2023.

Leading the decline was Hindustan Copper Ltd, which tumbled nearly 13...