Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened flat in trade on Friday ahead of the RBI monetary policy. While BSE Sensex was above 78,050, Nifty50 was near 23,600. At 9:16 AM, BSE Sensex was trading at 78,066.81, up 9 points or 0.011%. Nifty50 was at 23,611.15, up 8 points or 0.033%.
Indian equities closed lower on Thursday, with the Nifty settling at 23,603 amidst varied global indicators and wariness before the RBI’s monetary policy announcement on Friday.
Market participants are awaiting the MPC meeting outcome following the recent decline. Whilst a 25 basis point rate reduction seems factored in, observers will scrutinise the committee’s position on growth and inflation.
“Additionally, corporate earnings and global cues are likely to keep volatility elevated. Given this backdrop, we maintain our focus on stock selection and trade management, with a positive bias,” said Ajit Mishra – SVP, Research, Religare Broking
Also Read | Top stocks to buy today: Stock recommendations for February 7, 2025
Nifty’s near-term upward trend remains stable. Present weakness might conclude around 23500-23450 levels shortly. A clear move above 23,800 could trigger further upward momentum, according to Nagaraj Shetti of HDFC Securities.
US Markets: S&P 500 and Nasdaq finished higher whilst Dow declined after volatile trading on Thursday.
Asian equities declined on Friday following subdued trading on Wall Street, as investors awaited US employment figures to provide clarity on future interest rate decisions.
Gold prices stabilised on Friday near their peak levels, poised for a sixth consecutive weekly increase, as concerns over trade disputes boosted safe-haven appeal. Investors remained focused on upcoming non-farm payrolls data to assess US economic conditions.
Foreign portfolio investors registered net sales of Rs 3,549 crore on Thursday. Domestic institutional investors purchased shares worth Rs 2721 crore.
FIIs’ net short position decreased from Rs 1.53 lakh crore on Tuesday to Rs 1.49 lakh crore on Wednesday.