Indices trade with small gains in early trade; IT shares tumble

The domestic equity indices traded near the flatline with some positive points in early trade as investors turned cautious and booked profits after the sharp rally seen in the previous session. Early pre-opening trends suggested profit-taking at higher levels, especially in index heavyweights, following Tuesdays blockbuster surge triggered by the India and US trade deal.

The Nifty traded above the 25,750 mark. Metal, auto and consumer durables shares advanced while IT, realty and media shares declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex, rose 36.12 points or 0.04% to 83,757.87. The Nifty 50 index added 45.85 points or 0.18% to 25,773.40.

In the broader market, the S&P BSE 150 MidCap Index rose 0.03% and the S&P BSE 250 SmallCap Index added 0.01%.

The market breadth was positive. On the BSE, 1,966 shares rose and 1,134 shares fell. A total of 170 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,236.28 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,014.24 crore in the Indian equity market on 03 February 2026, provisional data showed.

Stocks in Spotlight:

NBCC (India) rose 0.45%. The company said it has received six work orders from the Institute of Cost Accountants of India (ICMAI) and the Department of Fisheries, Uttarakhand, aggregating to Rs 271.32 crore.

Toss The Coin added 1.83% after it has entered into a Master CMO Retainer Service Agreement along with a Statement of Work (SOW) with Definian Data, LLC, a US-based company headquartered at 135 S. LaSalle, Suite 2225, Chicago, Illinois, USA.

RBI MPC:

The Reserve Bank's rate-setting panel will start its three-day meeting for the next bi-monthly monetary policy on Wednesday in the backdrop of growth-focused Union Budget, low inflation and more recently the long-awaited India-US trade deal ending prolonged uncertainty on the external front.

The decision of RBI Governor Sanjay Malhotra-headed six-member Monetary Policy Committee (MPC) will be announced on Friday.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.13% to 6.730 compared with previous session close of 6.721.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.5050 compared with its close of 90.3200 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement added 3.54% to Rs 159,247.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 97.43.

The United States 10-year bond yield shed 0.02% to 4.271.

In the commodities market, Brent crude for April 2026 settlement rose 46 cents or 0.68% to $67.79 a barrel.

Global Markets:

Asia market mostly fell Wednesday, tracking Wall Street losses after a sell-off in U.S. technology stocks weighed on sentiment.

Overnight in the U.S., the S&P 500 pulled back as investors dumped technology stocks and moved into shares more broadly linked to improvements in the economy.

The broad market index fell 0.84% and closed at 6,917.81. The Dow Jones Industrial Average dipped 166.67 points, or 0.34%, to end at 49,240.99. Earlier, the 30-stock index rose as much as 0.5% to touch 49,653.13, a new record. The Nasdaq Composite shed 1.43%, settling at 23,255.19.

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