Stock market today, Feb. 2 -- The Indian stock market may remain under pressure following the sharp negative reaction to the Union Budget 2026-27, triggered by a surprise hike in the Securities Transaction Tax (STT) on derivatives. Futures STT has been raised to 0.05% from 0.02%, while options STT has been increased to 0.15% from 0.10%/0.125%, significantly raising trading costs and weighing on F&O-heavy stocks and brokerage counters.

"While DII buying could offer some support, near-term sentiment remains cautious to mildly bearish as market participants reassess positioning in anticipation of higher F&O costs coming into effect from April 1. The long-term India growth story remains intact, but short-term volatility and correction risks ...