Indian stock markets saw a strong rally today, February 4, with the Sensex and Nifty both surging over 1.5% after the U.S. paused planned tariffs on Canada and Mexico, providing relief amid rising trade tensions.
The Sensex closed up 1,397.07 points, or 1.81%, at 78,583.81, while the Nifty rose 374.35 points, or 1.6%, to 23,735.40. The Nifty Bank also ended the day on a positive note, closing at 50,024.05, up by 813.50 points.
The market boost came after U.S. President Donald Trump, on February 3, decided to delay the 25% tariffs on imports from Canada and Mexico for 30 days.
The move marked a shift from Trump’s earlier trade escalation on February 1, when he imposed the tariffs in response to issues like illegal immigration and the drug trade. However, it is to note that tariffs on China remain in place, set to take effect soon.
Sectoral Indices
In today’s trading session, the Nifty Midcap 100 ended on a positive note, gaining 596.60 points or 1.13%, closing at 53,585.40. Similarly, the Nifty Midcap 50 rose by 182.25 points or 1.23%, finishing at 15,010.75, while the Nifty Smallcap 50 climbed 63.85 points, closing at 8,043.85.
Top gainers and losers
In today’s trading session, the top 5 gainers in the Sensex 30 pack included L&T, which rose by 4.76%, followed by Adani Ports with a 3.83% increase. IndusInd Bank gained 3.50%, Tata Motors saw a rise of 3.38%, and Reliance added 3.28%. On the other hand, the biggest losers were Tech Mahindra, down by 0.11%, Maruti which fell by 0.23%, Nestle India dropped 0.81%, Zomato lost 1.57%, and ITC Hotels saw the steepest decline at 4.16%.
The top 5 gainers in the Nifty 50 pack were Shriram Finance, L&T, BEL, Adani Ports, and Tata Motors. On the other hand, the laggards were Trent, Britannia, ITC Hotels, Hero MotoCorp, and Nestle India.
“Today, the benchmark indices witnessed a sharp bounce back, with the Nifty ends 378 points higher and the Sensex up by 1397 points. Among sectors, almost all major sectoral indices traded in positive territory, with the Oil and Gas and PSU Banks indices outperforming, gaining over 2 percent. Technically, after a gap-up opening, the market successfully cleared the 23,500/77800-resistance zone, and post-breakout, the positive momentum intensified. Additionally, a bullish candle on the daily charts and an uptrend continuation formation on the intraday charts indicate further upward movement from the current levels,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Gold rates today
Gold has seen a significant price rise, with gold prices in India crossing the Rs 83,350 per 10 grams mark today. This surge is line with a global rally, as spot gold is inching closer to an all-time high of $2,830.49 per ounce.
According to GoodReturns, the price of 24-carat gold is currently Rs 85,200 per 10 grams, while 22-carat gold is priced at Rs 78,100 per 10 grams. Gold price today in India stands at Rs 7,810 per gram for 22 carat gold and Rs 8,520 per gram for 24 carat gold.
The gold MCX futures contract with the expiry of February 5, 2025, was quoted for Rs 83,299 per 10 gm, down 25 points or 0.03%.
Rupee
The Indian rupee strengthened by 12 paise, closing at 87.07 per dollar on Tuesday, compared to Monday’s close of 87.19.