GIFT Nifty signals a weak start for Indian equity markets on Friday. On Thursday, both benchmark indices closed in the red. The BSE Sensex dropped 213.12 points or 0.27% to 78,058.16, while the NSE Nifty 50 slipped 70.15 points or 0.3% to 23,626.15.
Key global and domestic cues to know on February 07, 2025
RBI MPC
The Reserve Bank of India’s Monetary Policy Committee (MPC) meeting concludes today, February 7. The newly appointed Governor Sanjay Malhotra is set to announce the committee’s decision at 10:00 AM.
Asian markets
Asian stock markets saw a weak start on Friday as investors remained cautious ahead of key US jobs data, which could provide clues on the future of interest rates. Japan’s Nikkei 225 slipped 0.38% to 38,919.92, while South Korea’s Kospi managed a slight gain of 0.28% in early trade. However, Kosdaq edged down by 0.25%.
Meanwhile, stocks in Australia and Hong Kong also traded lower, tracking muted movement on Wall Street overnight.
US markets
US stock markets closed higher on Thursday, with the S&P 500 rising for the third consecutive session. The S&P 500 gained 0.36%, finishing at 6,083.57, while the Nasdaq Composite advanced 0.51% to 19,791.99. However, the Dow Jones Industrial Average slipped 125.65 points or 0.28% to close at 44,747.63.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was down almost 0.06% at 107.76 on Friday morning. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc.
Rupee
The rupee hit a record low against the dollar on Thursday as market uncertainty grew following US President Donald Trump’s tariff threats. The rupee closed at 87.57 to the dollar on February 06.
Crude oil
The crude oil prices have edged higher. WTI crude prices were trading at $70.75 up by 0.20%, while Brent crude prices were trading at $74.52 up by 0.31%, on Friday morning.
FII, DII data
On February 6, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 3,550 crore, while Domestic Institutional Investors (DIIs) remained net buyers, investing Rs 2,721 crore in the market.
Gold rate today
Gold prices remained steady near record highs on Friday and were set for a sixth straight weekly gain.
The gold price today in India stands at Rs 7,931 per gram for 22 kt gold rate today, while the 1 gram gold rate today for 24 carat gold price is Rs 8,652. The cost of gold today for 10 grams is Rs 79,310 for 22 carat gold rate today and Rs 86,520 for 24 carat gold rate today, as per GoodReturns.
Cryptocurrency
The cryptocurrency market showed mixed trends, with Bitcoin (BTC) slipping 0.38% to around $96,453, while Ethereum (ETH) dropped 2.99% to $2,685.13. Meanwhile, BNB (BNB) edged up 0.39% to $573.75. Other major cryptos, like Cardano (ADA) and Solana (SOL), fell 3.36% and 3.60%, respectively.
