Stock Market Today: Sensex, Nifty likely to start on a positive note amid supportive global cues

Stock Market Today: Indian equity benchmarks Sensex and Nifty 50 are expected to open higher on Thursday, tracking positive global cues after signs of easing geopolitical tension over Greenland.

GIFT Nifty

At 8:35 am, GIFT Nifty was trading at 25,331.50, up 0.16 per cent or 40.50 points, indicating a positive start for domestic markets.

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Market closed lower on Wednesday

On Wednesday, Indian markets ended lower after a volatile session. This marked the third straight day of losses.

The Sensex fell 270.84 points, or 0.33 per cent, to close at 81,909.63. The Nifty 50 declined 75 points, or 0.30 per cent, to settle at 25,157.50.

Nifty has formed a lower high and lower low pattern for the third consecutive session. The index touched a three-month low of 24,919 during the recent fall. It has closed lower in 10 out of the last 12 sessions.

On the upside, key resistance levels are seen at 25,585 and 25,750 during any recovery attempt.

Trump’s comments lift sentiment

Market sentiment improved after a series of positive statements from former US President Donald Trump. He said the US is close to finalising a favourable trade deal with India and praised Prime Minister Narendra Modi, calling him a good friend.

Trump also announced a delay in imposing a 10 per cent tariff on eight European countries from February 1. He ruled out any military action on Greenland and said a framework agreement with NATO on Greenland is being prepared. These comments helped ease geopolitical concerns.

FII-DII activity remains supportive

Domestic institutional investors continued to support the market. DIIs bought shares worth Rs 4,520 crore, marking their 101st consecutive day of net buying.

Foreign institutional investors remained cautious. FIIs sold shares worth Rs 1,788 crore in the cash segment. Across cash, index futures, and stock futures, FIIs were net sellers of Rs 846 crore for the 12th straight session.

However, FIIs increased their index futures long positions from 9.18 per cent to 11.33 per cent, indicating some improvement in risk appetite.

Dow records biggest single day gain

Global markets showed strength. The Dow Jones recorded its biggest single-day gain since January 5. The Russell 2000 hit a new life high for the eighth time this year. South Korean markets also touched record highs and are up 18 per cent this month.

The rupee weakened sharply and hit a new life low of 91.74 per dollar. It closed 72 paise lower at 91.70 per dollar. The dollar index hovered near 98.50, while US bond yields stood at 4.24 per cent.

Gold and silver surged to fresh record highs. Gold rose to Rs 1,58,475 per 10 grams, while silver climbed to Rs 3,35,521 per kg. Over the last three days, gold has gained Rs 10,350 and silver Rs 30,700.

Crude oil traded near $65 a barrel, close to a one-week high. Natural gas prices jumped 28 per cent. Base metals such as copper, zinc, and lead remained weak, while aluminium was largely flat.