Markets are moving in a narrow range without a clear breakout. Uncertainty over the direction of fresh developments in artificial intelligence (AI), and concerns about the sustainability of heavy capital expenditure in high technology and energy, continue to weigh on sentiment.
In the US, investors are rotating out of software and related sectors. Wall Street indices ended Tuesday with only marginal gains.
Reports suggest progress in the second round of US–Iran talks, pushing crude prices slightly lower. Gold remains under pressure, while cryptocurrencies continue to decline.
Indian equities closed with modest gains on Tuesday. In derivatives trade at GIFT City, GIFT Nifty settled at 25,756.50 on Tuesday night, rose to 25,792 in early trade, then slipped to 25,732 before recovering. The trend indicates a mildly positive opening for domestic markets.
In New York ADR trade, Infosys gained 0.20 percent and added another 0.68 percent in after-hours trade. Wipro fell 2.14 percent but recovered 3.06 percent later.
On Tuesday, Indian equities opened weak, fell further, then recovered through the session to close with modest gains.
Buying in IT and public sector banks supported the market. Metal stocks declined amid global price weakness. Capital market stocks remained under pressure. Broader markets outperformed the benchmarks.
BSE Sensex rose 173.81 points (0.21 percent) to 83,450.96
Nifty 50 gained 42.65 points (0.17 percent) to 25,725.40
Bank Nifty climbed 224.90 points (0.37 percent) to 61,174.00
Nifty mid cap 100 rose 0.27 percent; small cap 100 added 0.56 percent
Market breadth turned positive. On the BSE, 2,427 stocks advanced against 1,786 declines. On the NSE, 1,924 rose while 1,209 fell.
Foreign portfolio investors were net buyers of ₹995.21 crore in the cash market. Domestic institutions bought ₹187.04 crore.
Technically, Nifty must decisively close above 25,750 to target 26,000. Strong support lies in the 25,600–25,500 zone. Immediate supports are seen at 25,610 and 25,565, while resistance is likely at 25,760 and 25,810.
Gold and silver continued their downward trend after failing to sustain a rebound from late-January lows.
Gold fell 2.3 percent on Tuesday, touching $4,841 an ounce before closing at $4,879. It dipped to $4,860 this morning before rebounding to $4,892 and easing again.
Silver dropped nearly 6 percent intraday before closing at $73.66 an ounce. It is trading around $73.56 this morning.
In Kerala, 22-carat gold fell ₹1,640 per sovereign to ₹1,13,080 on Tuesday.
On MCX, 24-carat gold closed at ₹1,51,800 per 10 grams, while silver ended at ₹2,30,240 per kg.
JP Morgan Wealth Management strategist Kriti Gupta said central bank buying and geopolitical tensions could support gold further. UBS Wealth Management’s Dominic Schnider projected gold could reach $6,200 an ounce by June.
US markets showed little enthusiasm.
Investors shifted from software, IT services and real estate stocks towards banks and other segments. The indices ended with marginal gains:
Dow Jones Industrial Average up 32.26 points (0.07 percent) at 49,533.19
S&P 500 up 7.05 points (0.10 percent) at 6,843.22
Nasdaq Composite up 31.71 points (0.14 percent) at 22,578.38
US futures were trading lower this morning, with Dow down 0.10 percent, S&P 0.13 percent and Nasdaq 0.20 percent.
European markets closed higher on Tuesday. However, UK unemployment rose to a five-year high of 5.2 percent, pushing the pound lower.
Asian markets are trading higher today. Japan’s January exports jumped 17 percent, driven mainly by shipments to China. The Nikkei gained around 1 percent. Chinese markets remain closed for the Lunar New Year holidays until February 23.
Industrial metals declined on Tuesday:
Copper fell 1.54 percent to $12,560.35 per tonne
Aluminium dropped 1.19 percent to $3,039.35 per tonne
Nickel, tin, zinc and lead also weakened
Cocoa fell 4.97 percent to $3,500 per tonne, its lowest level since October 2023. Coffee dropped 4.21 percent. Palm oil held at 4,001 Malaysian ringgit per tonne.
The dollar index rose to 97.16 on Tuesday and eased slightly to 97.13 this morning.
The euro slipped to $1.1846 and the pound to $1.356. The Japanese yen strengthened to 153.21 per dollar. The US 10-year bond yield rose to 4.056 percent.
The rupee weakened by 2 paise to close at ₹90.67 per dollar. In early forex trade today, the dollar was at ₹90.63.
Crude prices slipped after Iran signalled progress in talks with the US.
Brent crude closed at $67.42 per barrel. WTI stood at $62.33, while UAE’s Murban crude was at $67.86. Natural gas rose to $3.03.
Cryptocurrencies remained under pressure.
Bitcoin slipped below $67,100. Ether traded under $1,975, while Solana was below $85.
(Tuesday, February 17)
Sensex: 83,450.96 (+0.21 percent)
Nifty 50: 25,725.40 (+0.17 percent)
Bank Nifty: 61,174.00 (+0.37 percent)
Dow Jones: 49,533.19 (+0.07 percent)
S&P 500: 6,843.22 (+0.10 percent)
Nasdaq: 22,578.38 (+0.14 percent)
Dollar: ₹90.67 (+₹0.02)
Gold (ounce): $4,879
Brent crude: $67.42
