Markets Today: SBI, Hero MotoCorp Q3; Gold; FIIs; RBI MPC; Chamunda IPO

Stock Markets Today, February 6, 2025: Benchmark indices, Nifty50 and Sensex, are likely to react positively to upbeat global cues in Thursday’s session. At 6:33 AM, GIFT Nifty futures was 31 points higher at 23,804, signaling a positive opening for Indian markets.

 

In the previous session, Sensex dropped 312.53 points, or 0.40 per cent, to close at 78,271.28, while Nifty50 ended lower by 42.95 points, or 0.18 per cent, at 23,696.30.

 

Global cues

 

Asia-Pacific stocks opened higher on Thursday, following gains in Wall Street. Last checked, the Nikkei index was trading 0.60 per cent higher, while the ASX 200 rose 0.87 per cent. Kospi was up 0.33 per cent. 

 

Make smarter market moves with The Smart Investor. Daily insights on buzzing stocks and actionable information to guide your investment decisions delivered to your inbox.

Subscribe

 

In the US, the Dow Jones climbed 0.71 per cent, driven by a strong rally in Nvidia. The S&P 500 increased 0.39 per cent, while the Nasdaq rose 0.19 per cent. 

 

Nvidia raced more than 5 per cent after Super Micro Computer announced the full launch of its AI data centre, powered by Nvidia’s Blackwell platform. 

 

Investors are now awaiting US jobless claims data, coupled with Bank of England’s interest rate decision.

 

Domestic cues

 

RBI MPC meeting

 

The Reserve Bank of India’s Monetary Policy Committee (MPC) may announce its first interest rate cut in nearly five years, on February 7, 2025, aiming to boost the faltering economy.

 

Also Read: Rate cut expectations push rupee to a new low despite falling dollar index

 

Q3 results

 

State Bank of India,  Hero MotoCorp, Bharti Airtel, Britannia, and Trent among several others will announce their Q3 results today. Investors will also react to earnings from Swiggy and Zydus Life and GE Vernova among others

 

Other triggers

 

The National Stock Exchange (NSE) and the BSE have yet to resolve their ongoing disagreement regarding clearing and settlement charges, a dispute that has lasted for over a year. 

 

Zomato and Jio Financial Services are expected to be included in the benchmark Nifty index in the upcoming March rejig, according to Nuvama Alternative & Quantitative Research. 

 

The Department of Revenue has rejected a recommendation from a panel led by the State Bank of India (SBI) to remove the 18 per cent Goods and Services Tax (GST) on activities related to co-lending between commercial banks and non-banking financial companies (NBFCs), according to a senior government official.

 

Also Read: Secy group on asset monetisation to meet on Thursday; to discuss NMP 2.0

 

A union representing employees of public sector general insurance companies has issued a statement criticising the introduction of 100 per cent foreign direct investment (FDI) in the insurance sector and amendments to insurance laws.

 

FII, DII

 

FIIs sold shares worth Rs 1,682.83 crore, while DIIs bought shares worth Rs 996.28 crore, on February 5.

 

IPO market

 

Solarium Green IPO (SME) and Readymix Construction IPO (SME) will open for subscription.

 

Amwill Healthcare IPO (SME) and Ken Enterprises IPO (SME) will enter Day 2, while Chamunda Electricals IPO (SME) will enter Day 3. 

 

Commodity market

 

Gold prices continued their strong upward trend on Wednesday. Spot gold rose 0.8 per cent to $2,865 per ounce, after peaking at a record high of $2,882.16 earlier. US gold futures also saw a 0.6 per cent increase to $2,893.

 

Global gold demand including over-the-counter (OTC) trading rose by 1 per cent to a record high of 4,974.5 metric tonnes in 2024 as investment increased, the World Gold Council (WGC) said on Wednesday, adding that central banks sped up buying in the fourth quarter.

 

Also Read: Gold consumption in India to cool in 2025 as prices soar, says WGC

 

In contrast, oil prices dropped more than 2 per cent on Wednesday. A major increase in US crude and gasoline stockpiles pointed to weaker demand, while growing concerns about a potential China-US trade war added to fears of slower economic growth. Brent crude futures fell 2.09 per cent to $74.61 per barrel, while US WTI crude dropped 2.3 per cent, to $71.03.

 

Here's how analysts are assessing today's (February 6) trading session:

 

Shrikant Chouhan, head of equity research at Kotak Securities

 

On the downside, 23600/78000 and 23500/77700 would be the key support zones, while 23800-23900/78700-78900 could act as crucial resistance areas for traders. However, below 23500, /77700 traders may prefer to exit their long positions.

 

Rupak De, senior technical analyst at LKP Securities

 

On the higher end, the index may continue to move towards 24,050 in the near term. Meanwhile, support is placed at 23,500, where maximum put writing is visible.