Indian equity indices opened Wednesday’s trading session gap-down. The NSE Nifty 50 opened 43.65 points, or 0.18%, higher at 23,782.90, while the BSE Sensex rose 54 points, or 0.07%, to open at 78,638.16. The share price of Asian Paints dropped over 4% in the early trade hours, making it the significant loser in the Nifty 50. 

Around 11.40 AM, the Sensex was down 148 points or 0.19% at 78,436 while the Nifty 50 was trading on a flat note, up 11 points or 0.05% at 23,750.25.

The GIFT Nifty implied that the markets would open on a higher note. It was up 68 points, or 0.28%, at 23,840. During the pre-open session, the Nifty 50 was up 62.50 points, or 0.26%, at 23,801.75, while the Sensex was up 120.79 points, or 0.15%, at 78,704.60. 

“Two factors are influencing the market trend now. The market perceives the Trump tariff threats as negotiating tools, which might not lead to a full-blown trade war. Two, the potential beneficial impact of the game-changing Budget is slowly sinking in the market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The most significant short-term positive for the market is the FIIs turning buyers in the cash market for the first time since January 2.

“Technically speaking, the index now sits at the falling trendline drawn from the record high and passing through the mid-December peak. Yesterday’s low did not overlap the Monday high and therefore, created a bullish rising window, making 23381 a key pivot that bulls will have to protect,” said Akshay Chinchalkar, Head of Research at Axis Securities. “Against this level, expect a test of the 23918 – 24060 area anytime within the next one week. That said, a close below 23381 will weaken this near-term bull case.”

Apart from that, the gold rate today has surged to a new new lifetime high. The cost of gold today in India is Rs 83,890 per 10 grams, jumping 3.93% in a week. In fact a quick check of gold prices today indicates that the 22 kt gold rate is Rs 76,899.

BPCL, IndusInd Bank, ONGC, Shriram Finance, and Bajaj Finance were the top gainers in the Nifty 50. On the flip side, Asian Paints, Nestle India, Tata Consumer Products, Sun Pharma, and Britannia were the significant losers in the Nifty 50. 

On February 05, the market breadth remained in favour of the bulls as out of 2,243 stocks traded, 1,630 stocks were trading in the green while 554 declined, as per the data on NSE. 

Bank Nifty opened 165 points or 0.33% higher at 50,323.45. The Nifty Midcap 100 gained 341.75 points, or 0.64%, to open at 54,155.55.