Today the January series started in the stock market and the markets opened with a bang. Sensex was trading up 200 points at opening, while Nifty was up 80 points. Bank Nifty was also up about 140 points. The rise in metal stocks continued even today. Earlier, early signs for Indian markets looked flat. GIFT Nifty was seen trading around 26,125. Meanwhile, Dow futures were trading nearly 50 points lower, reflecting a slight softening in global sentiment.
Weakness continues in American markets
There is pressure on Wall Street. US markets closed with losses for the third consecutive day. The Dow Jones closed with a loss of nearly 100 points, while the Nasdaq also saw a decline of nearly 55 points. Rising yields and concerns over global growth weighed on investor sentiment.
Tremendous movement in the commodity market, silver made a historic jump
Silver was the most discussed commodity today. In the domestic market, silver gained a huge gain of ₹26,600 to close above ₹251,000. Silver also saw strong buying in the global market, with prices rising nearly 8% to above $76 an ounce. Gold also remained strong, with prices rising by around ₹1,700 in the domestic market. Internationally, gold appeared to trade almost flat around $4,350. On the other hand, crude oil remained soft, with Brent crude hovering around $61 per barrel.
All round rise in metals, copper made new record
The bullish trend in the metals segment became stronger. LME copper closed at a record high for the sixth consecutive trading day. Aluminum prices hit a three-and-a-half-year high, while nickel gained a strong nearly 7% to a 14-month high. Strong industrial demand and supply-side concerns supported the metal prices.
FII selling continues, domestic funds gave record support
Foreign institutional investors sold shares in the cash market for the sixth consecutive day, withdrawing about ₹3,844 crore. Additionally, FIIs made net sales of around ₹13 crore in the derivatives segment. However, domestic institutional investors remain confident in the market. Domestic funds continued their record buying streak of 86 consecutive days, infusing nearly ₹6,160 crore in a single day, providing strong support to the market.
Major changes in F&O and Bank Nifty index
Bajaj Holdings, Premier Energy, Swiggy and Vaari Energies are joining the F&O segment today. There will also be changes in the Bank Nifty index, in which Yes Bank and Union Bank will be included. These changes may increase volume and volatility in the respective stocks.
Defense stocks will be in focus
Today defense sector stocks will be in focus. The Defense Ministry has announced defense contracts worth a total of ₹4,666 crore. This includes the battle carbine contract worth ₹1,661 crore awarded to Bharat Forge. This news was first reported prominently by Zee Business and now it has been officially confirmed. It is expected that this deal will strengthen the future for defense manufacturing companies.
Before the budget, PM stressed on long-term growth
Ahead of the Budget, the Prime Minister held an important meeting with economists to discuss long-term growth under the 2047 vision. The Prime Minister stressed mission-mode reforms and reiterated the goal of making India a hub for the global workforce and international markets. This statement indicates policy support for medium and long-term investors.
