After a green rally in intraday trading, the Indian headline indices turned red again. The Sensex dropped by over 50 points to trade at 76,134.50, while the Nifty fell by over 30 points, trading below 23,100.
From the Nifty 50 pack, the major losers include Adani Ports, Infosys, TCS, HCL Tech, and L&T. The top gainers include Sun Pharma, Bajaj Finserv, Tata Steel, Bajaj Finance and Zomato.
Indian stock markets opened on a flat note on Thursday, with both the Sensex and Nifty trading in the green.
At the opening bell, the NSE Nifty gained 10.50 points or 0.05% to 23,055.75, while the BSE Sensex surged 30.02 points or 0.04% to 76,201.10. The Nifty Bank index fell 10.10 points to 49,469.35.
Ahead of market opening, GIFT Nifty hinted at a subdued start for Indian equities.
“When the market is in oversold territory, some triggers can ignite a rally. The Indian market is in highly oversold territory and, therefore, is likely to rally on positive news expected from the Trump-Modi talks today. Some agreement is likely between the US and India on reciprocal tariffs,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“A positive domestic trigger is the better-than-expected decline in CPI inflation in January to 4.31% from 5.22 % in December 2024. The decline in inflation trajectory justifies the MPC’s rate cut this month and creates a favourable condition for another 25 bp rate cut in April. This augurs well for the stock market in general and rate-sensitives in particular. From the market perspective, the elephant in the room continues to be the sustained FII selling which is showing no signs of abating,” he added.
Recap of Wednesday’s market performance
On February 12, Indian stock markets extended their losing streak for the sixth consecutive session. Despite a mid-session recovery, the indices failed to sustain gains and closed marginally lower.
By the end of the session, the Sensex fell 122.52 points or 0.16% to 76,171.08, while the Nifty slipped 26.55 points or 0.12% to 23,045.25. The broader market also struggled, with BSE Midcap and Smallcap indices dropping 0.5% each.
Key factors to influence the market today
Market movement today is influenced by multiple factors. Apart from global market trends, investors are closely watching the weekly expiry of Nifty 50 options, which typically adds volatility. In addition to this, inflation data released after market hours on Wednesday will be a key factor in shaping sentiment. While US inflation rose in January, India’s retail inflation provided some relief, easing to 4.31%.
Gold rate today
The gold rate today in India stands at Rs 7,939 per gram for 22 carat gold and Rs 8,666 per gram for 24 carat gold. For those purchasing 10 grams, the price of gold today is Rs 79,390 for 22K and Rs 86,660 for 24K.
Buyers looking at smaller quantities will find the one gram gold price at Rs 7,939 for 22K and Rs 8,666 for 24K, while the gold rate for 18 carat today is Rs 6,496 per gram.
On the global front, spot gold prices settled at $2,903, as per the World Gold Council.