After witnessing a strong rally on Tuesday, the Indian stock market displayed a range-bound yet positive trend on Wednesday. The Nifty 50 closed 48 points higher at 25,776, while the BSE Sensex gained 79 points to settle at 83,817. Meanwhile, the Bank Nifty index advanced 196 points to end at 60,238. Sector-wise, Consumer, Oil, and Gas stocks recorded gains of over 2%, whereas the IT sector faced heavy selling pressure, declining nearly 6%.
Gold silver rates today
Following intense profit booking in the previous session, gold and silver prices opened sharply higher on Thursday. As of 6:30 AM, COMEX gold surged more than 1.25%, trading above the key psychological mark of $5,000 per ounce. Similarly, COMEX silver opened with strong gains, rising over 5% in early Asian trade and trading above $88 per ounce.
USD vs INR
Commenting on the price outlook, Amit Goel, Chief Global Strategist at PACE 360, stated that gold and silver may have already reached their peak last Friday after touching record highs before witnessing sharp corrections. However, he added that if gold crosses $5,400 per ounce on a closing basis in the next one or two sessions, it could reach fresh highs. Likewise, silver may hit new peaks if it sustains above $95 per ounce without falling below this level.
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FII-DII data
On the currency front, Jateen Trivedi, VP Research Analyst – Commodity & Currency at LKP Securities, said the Indian rupee weakened slightly by around 20 paise to 90.40 against the US dollar. The movement comes ahead of key US economic data, including Nonfarm Payrolls and unemployment figures. He noted that recent foreign institutional investor (FII) inflows may support the rupee if global market sentiment remains positive. The Dollar Index is currently hovering around 97.55, with immediate support for the rupee seen between 90.80 and 91.00, while resistance is placed near 90.00.
Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) remained net buyers for the second consecutive session. FIIs invested ₹1,772.25 crore in the derivatives segment and nearly ₹30 crore in the cash market. As of February 4, FIIs have purchased shares worth ₹2,845.27 crore in the cash segment this month, while DIIs have bought equities worth ₹3,027.38 crore during the same period.
Donald Trump-Xi Jinping talks
On the global front, US President Donald Trump held discussions with Chinese President Xi Jinping on trade relations and geopolitical issues, including Taiwan, ahead of their proposed meeting in April. Trump described the conversation as extensive and productive.
Providing market outlook, Shrikant Chouhan, Head of Equity Research at Kotak Securities, said Nifty 50 at 25,800 and Sensex at 83,900, along with their 50-day Simple Moving Average levels, are key resistance zones. A breakout above these levels could push indices towards 25,900–26,000 for Nifty and 84,200–84,500 for Sensex. However, a fall below 25,600 and 83,100 may drag the indices lower. He added that the current market trend appears non-directional, making level-based trading strategies suitable for day traders.
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