Signals from Gift Nifty suggest a flat start for Indian equities today, even as global cues remain mixed and IT stocks face renewed pressure.
Gift Nifty ended overnight derivatives trade at 25,779.50 in Gift City. It moved up to 25,830.00 in early morning trade before slipping back, indicating a largely flat opening for the Nifty.
Indian IT stocks may face selling pressure today after a sharp fall in American Depository Receipts (ADRs) overnight.
Key ADR moves:
Infosys fell 5.56 percent
Wipro declined 4.83 percent
These stocks had surged a day earlier. The renewed weakness came as US software, financial services and asset management stocks moved lower. The broader slide in US tech stocks has dampened sentiment around Indian IT names.
No official details of the India–US trade agreement have been released so far. Indian officials have said a joint statement will be issued in the coming days. Market participants believe that what has emerged so far is only a broad framework understanding, with detailed negotiations yet to begin.
There is also criticism that Donald Trump’s remarks on oil purchases were diplomatically inappropriate and aimed at exerting pressure on India.
Indian equities staged a powerful rally on Tuesday after Donald Trump’s comments on the India–US trade deal boosted sentiment.
Sensex surged over 4,200 points intraday
Nifty jumped more than 1,200 points
However, the indices gave up nearly half their gains by the close as uncertainty over the deal’s details triggered profit booking. The market capitalisation of BSE-listed companies rose by ₹12 lakh crore during the session.
Export-oriented stocks were the biggest winners, with several jumping up to 20 percent.
Stocks that hit upper circuits included:
Kitex Garments, KPR Mills, Gokaldas, Precot Mills
Vardhman, Welspun, Trident, Himatsingka Seide
Aditya Birla Fashion and Retail, Goldiam
Avanti Feeds, Apex Frozen, Waterbase
Indo Count, Avalon Technologies
Other exporters such as Bharat Forge, Sona BLW, Orbit Exports, Waaree Energies, Premier Energies and Sangam India also posted strong gains.
Adani group stocks rallied sharply, with Adani Enterprises, Adani Energy, Adani Green and Adani Ports all closing higher. Reliance Industries gained over 3 percent, while Jio Financial Services jumped 8 percent.
Foreign institutional investors turned aggressive buyers, reinforcing optimism that overseas funds may return to Indian markets. Analysts believe a trade deal that boosts exports could also support GDP growth.
Market close on Tuesday:
Sensex rose 2,072.67 points (2.54 percent) to 83,739.13
Nifty climbed 639.10 points (2.55 percent) to 25,727.55
Bank Nifty gained 1,422.30 points (2.43 percent) to 60,041.30
Midcap 100 jumped 2.84 percent
Smallcap 100 rose 2.82 percent
Market breadth remained positive:
BSE: 3,279 stocks advanced, 1,015 declined
NSE: 3,313 stocks rose, 2,686 fell
On the NSE, 66 stocks hit new 52-week highs, while 82 touched new lows.
Foreign investors bought shares worth ₹5,236.28 crore in the cash market, while domestic institutions purchased ₹1,014.24 crore.
Despite the sharp rally, some consolidation cannot be ruled out. The 25,450–25,600 zone may act as support for Nifty, with resistance seen at 25,970 and 26,170.
Mankind Pharma reported an 11.5 percent rise in revenue and a 12.7 percent increase in operating profit, while net profit grew 7.5 percent
Aditya Birla Capital posted a 30 percent rise in revenue and a 41 percent jump in net profit
Bajaj Finance saw net interest income rise 20.6 percent, but net profit fell 5.6 percent due to a one-time ₹265 crore labour code-related charge
Gaming firm Nazara Technologies reported a 24 percent fall in revenue and a 35.8 percent drop in net profit
Gold and silver rebounded strongly after two days of losses, as fresh investment flows returned to bullion.
Gold rose over 6 percent on Tuesday to close at $4,947.80 an ounce. It climbed more than 2 percent this morning to touch $5,053.70 before easing slightly.
Silver also rallied:
Closed Tuesday at $85.28 an ounce, up 7.47 percent
Rose further to $86.82 this morning
Silver had touched a recent high of $121.76 an ounce last week.
In Kerala, 22-carat gold rose ₹660 on Tuesday to ₹1,12,880 per sovereign. The stronger rupee limited the impact of the global price rise in domestic markets.
On the MCX:
24-carat gold touched ₹1.558 lakh per 10 grams before closing at ₹1,53,650
Silver rose to ₹2.78 lakh per kg before ending at ₹2.67 lakh
Platinum trades at $2,270, palladium at $1,755 and rhodium at $10,000 an ounce.
Most industrial metals gained on Tuesday:
Copper rose 2.38 percent to $13,294.85 a tonne
Aluminium gained 0.93 percent to $3,091.47 a tonne
Nickel and lead advanced
Tin and zinc declined
Rubber fell 1.02 percent to 185.10 cents per kg. Cocoa rose 1.31 percent to $4,265 a tonne, while coffee plunged 5.42 percent. Tea was unchanged and palm oil edged up 0.38 percent.
The dollar index slipped marginally to close at 97.44 and eased further to 97.37 this morning.
Euro trades at 1.1814
Pound at 1.3693
Japanese yen weakened to 156.11 per dollar
Swiss franc at 0.7762
Chinese yuan at 6.94 per dollar
US 10-year bond yields rose to 4.28 percent.
The rupee posted its strongest single-day gain in seven years on Tuesday, rising nearly 1.5 percent on optimism around the India–US trade deal. After touching 90.05, it closed at 90.27 per dollar.
In offshore markets this morning, the dollar strengthened to 90.42. Analysts believe the rupee could gradually appreciate towards 86 levels.
Fresh worries in the artificial intelligence space dragged US technology stocks lower, pulling down major indices.
Nvidia has fallen nearly 5 percent over the past two sessions
Meta, Microsoft, Apple and AMD also declined
Markets remained unmoved despite Nvidia CEO Jensen Huang announcing an immediate $20 billion investment as part of a planned $100 billion commitment to OpenAI.
Software stocks were particularly weak, with Gartner sliding nearly 25 percent.
On Tuesday:
Dow Jones fell 166.67 points (0.34 percent) to close at 49,240.99
S&P 500 dropped 58.63 points (0.84 percent) to 6,917.81
Nasdaq slid 336.92 points (1.43 percent) to 23,255.19
US futures this morning were mixed:
Dow up 0.08 percent
S&P 500 down 0.05 percent
Nasdaq down 0.15 percent
AMD fell nearly 7 percent after disappointing quarterly results, dragging other tech stocks lower.
European markets closed slightly lower on Tuesday.
Asian markets are largely in the red today, led by sharp losses in software stocks.
Japan’s Nikkei is down 0.70 percent
Australia’s index is up 0.25 percent
South Korea’s index is down 0.40 percent
Hong Kong and Chinese markets opened lower
Crude oil prices continued to recover from recent lows.
Brent crude rose 2.5 percent on Tuesday to close at $67.95 a barrel
This morning, Brent trades at $68.17
WTI at $64.05
Murban at $68.81
Natural gas prices climbed to $3.35.
Cryptocurrencies remain highly volatile. Bitcoin slipped below $73,000 before rebounding to $76,600. Ether trades above $2,275, while Solana is above $99.
(As of February 3, Tuesday)
Sensex: 83,739.13 (+2.54 percent)
Nifty 50: 25,727.55 (+2.55 percent)
Bank Nifty: 60,041.30 (+2.43 percent)
Midcap 100: 59,307.10 (+2.84 percent)
Smallcap 100: 16,988.95 (+2.82 percent)
Dow Jones: 49,240.99 (-0.34 percent)
S&P 500: 6,917.81 (-0.84 percent)
Nasdaq: 23,255.19 (-1.43 percent)
Dollar: ₹90.27 (-1.24 percent)
Gold (ounce): $4,947.80 (+$287.10)
Gold (sovereign): ₹1,12,880 (+₹660)
Brent crude: $67.95 (+$1.69)
