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The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain open on February 1 despite it being a Saturday, due to the Union budget presentation.
Among big firms, UltraTech Cement's shares dropped 2.7%, while those of rival Adani Group's cement firms Ambuja and ACC slumped 4.5% and 2.3% respectively.
Vijayakumar said the market will be looking for growth stimulating measures and not market-related taxation reliefs like changes in the capital gains taxation.