The US has signalled military readiness in a bid to pressure Iran ahead of today’s talks in Geneva. Iran, asserting it is prepared to respond, has sent its foreign minister for the negotiations — a sign that Tehran is taking the discussions seriously.
Crude oil prices firmed, reflecting scepticism over a breakthrough. Gold also extended gains, moving towards $5,200 an ounce.
Chip major Nvidia once again delivered results that beat expectations. Its CEO said AI growth would not hurt software companies. Despite this, US futures slipped in early trade.
Indian equities remain poised for a meaningful upmove, though without excessive exuberance. Even reports suggesting third-quarter GDP growth above 8 percent have not triggered a major rally. Trade-related uncertainty continues to weigh on sentiment.
Gift Nifty in GIFT City derivatives trading climbed to 25,639.50 on Wednesday night and moved towards 25,700 this morning, indicating a strong start for the domestic market.
Indian equities surged in early trade on easing AI concerns but pared gains later. The IT index, which had jumped over 3 percent intraday, ended 1.45 percent higher.
The Sensex closed at 82,276.67, up 50.15 points (0.06 percent).
The Nifty 50 ended at 25,482.50, gaining 57.85 points (0.23 percent).
Bank Nifty slipped marginally to 61,043.35.
Mid cap and small cap indices outperformed. Auto stocks gained on reports of over 20 percent growth in February vehicle registrations.
Among stocks, Federal Bank hit a record ₹301.05, up 55.75 percent in six months. Solar exporters including Waaree Energies declined up to 15 percent after the US imposed 126 percent import duties.
President Donald Trump did not make any major positive or negative comments on tariffs or Iran in his address, allowing US markets to extend gains for a second straight session. Broader indices and major benchmarks closed higher, with large tech stocks rebounding.
--The Dow Jones Industrial Average rose 307.65 points (0.63 percent) to 49,482.15.
--The S&P 500 gained 56.06 points (0.81 percent) to 6,946.13.
--The Nasdaq Composite climbed 288.40 points (1.26 percent) to 23,152.08.
After-market results from Nvidia showed:
Data centre revenue up 75 percent
Profit doubled
Earnings per share at $1.62 versus expectations of $1.53
Stronger-than-expected revenue guidance
Its next-generation AI system “Vera Rubin”, claimed to be ten times more efficient than Grace Blackwell, is set for commercial rollout in H2.
European markets also closed higher. However, shares of Diageo fell 13 percent after warning of weaker sales and profits. Aston Martin said it would cut 20 percent of its workforce amid slowing demand.
Asian markets traded firm, with Japan’s Nikkei 225 hitting a record high before trimming gains.
Gold touched $5,218.70 an ounce before closing at $5,166.10, up 0.42 percent. Silver surged nearly 7 percent intraday before settling at $89.34.
On the Multi Commodity Exchange, 24-carat gold closed at ₹1,61,100 per 10 grams. In Kerala, 22-carat gold rose ₹80 to ₹1,18,720 per sovereign.
Analysts at JPMorgan Chase expect gold to reach $6,300 by year-end, citing strong central bank and institutional buying.
Brent crude closed at $70.85 per barrel and moved higher this morning amid Geneva concerns.
The dollar index slipped to 97.70. US 10-year yields rose to 4.05 percent.
Bitcoin jumped over 6 percent above $68,400, while Ether and Solana posted double-digit gains.
(February 25, Wednesday)
Sensex: 82,276.07 (+0.06 percent)
Nifty 50: 25,482.50 (+0.23 percent)
Bank Nifty: 61,043.35 (-0.01 percent)
Midcap 100: 59,406.10 (+0.58 percent)
Smallcap 100: 17,118.70 (+0.94 percent)
Dow Jones: 49,482.15 (+0.63 percent)
S&P 500: 6,946.13 (+0.81 percent)
Nasdaq: 23,152.08 (+1.26 percent)
Dollar: ₹90.95 (unchanged)
Gold (ounce): $5,166.10 (+$21.60)
Gold (sovereign): ₹1,18,720 (+₹80)
Brent crude: $70.85 (-$0.35)