Mumbai, Feb. 1 -- The key equity indices erased all gains and slipped into negative territory in early afternoon trade amid the ongoing Budget 2026 proceedings. Union Finance Minister Nirmala Sitharaman presented her ninth consecutive Union Budget in the Lok Sabha, becoming the first finance minister in India to achieve the milestone. Nifty dropped below 25,050 mark, breaching its 200-day moving average.

PSU bank shares declined after advancing in the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 789.90 points or 0.94% to 81,513.27. The Nifty 50 index fell 276.45 points or 1.09% to 25,044.20.

The broader market underperformed the frontline indices. The BSE 150 Mid-Cap index declined 1.96% and the ...