Whalesbook
### Market Sentiment Cautious Ahead of Budget 2026
Indian equity benchmarks are expected to open flat as GIFT Nifty futures hovered around 25,400 early Sunday, February 1, 2026. The preceding Friday's trading session saw the Nifty 50 shed 0.39% to close at 25,320.65, and the Sensex fell 0.36% to 82,269.78, breaking a three-day advance. This cautious trading posture reflects an investor inclination to reduce risk in anticipation of Union Budget 2026, with market participants awaiting fiscal policy direction. Global markets offered a mixed outlook, with US and European index futures showing divergent movements, while Asian markets were closed for the weekend.
### Sector Focus Amidst Fiscal Policy Watch
Attention remains firmly fixed on the upcoming Union Budget, a significant event historically capable of driving market sentiment and sectoral performance. While past budget days have yielded varied market reactions, a focus on growth, infrastructure, and tax stability often correlates with positive investor response. This year, specific interest is drawn to companies like Meesho, Bajaj Auto, and IDBI Bank, whose performance and strategic initiatives are under scrutiny against the broader economic backdrop.
Meesho Ltd: Logistics Push Amidst Profitability Concerns
E-commerce platform Meesho reported its Q3 FY26 results, showing revenue from operations around ₹3,500-₹3,600 crore. The company also announced the incorporation of its wholly-owned subsidiary, Valmo Transportation Private Limited, on January 28, 2026, marking a strategic expansion into logistics. However, the company posted a loss of approximately ₹-490.68 crore for the quarter ended in 2025. Meesho's market capitalization stood at roughly ₹78,596 crore as of January 2026, with a trailing twelve-month P/E ratio around -19.9, reflecting investor skepticism about its profitability. The stock closed at ₹173.95 on January 30, 2026. A low promoter holding of 16.8% and consistently negative returns on equity further temper the outlook.
Bajaj Auto Ltd: Record Q3 Results and EV Momentum
Bajaj Auto reported a historically strong third quarter for FY26, with revenue crossing ₹15,000 crore for the first time, up 19% year-on-year, and profit after tax (PAT) reaching ₹2,503 crore, also up 19% YoY. The company's domestic business achieved record revenues, with its electric vehicle portfolio contributing significantly to this growth. Exports also saw a robust increase, surpassing 500,000 units. The market valued Bajaj Auto at approximately ₹2,68,248 crore in January 2026, with a TTM P/E ratio hovering around 30-31.5. The stock closed at ₹9,597.50 on January 30, 2026, with a daily trading volume of around 283,660 shares. The company's consistent performance in both traditional and electric vehicle segments positions it favorably against competitors like Eicher Motors and TVS Motor Co.
IDBI Bank: Steady Performance in Q3 FY26
IDBI Bank posted a net profit of ₹1,959 crore for the third quarter of FY26, concluding on December 31, 2025. The bank's market capitalization was around ₹1,07,062 crore as of January 2026. Its price-to-earnings ratio stood at approximately 11.32-13.1 (TTM), indicating a relatively more attractive valuation compared to some peers. The stock closed at ₹99.55 on January 30, 2026, with a trading volume of approximately 10.4 million shares. The bank's business segments show a balanced approach, with retail banking contributing 55% to its revenue in Q2 FY25, followed by corporate/wholesale banking at 17% and treasury at 27%. While recent announcements mentioned a potential bank strike by employee unions, the bank's operational performance appears steady.