Indian Stock Market Maintains Positive Bias Amid Consolidation
Following a robust bullish session on Tuesday, the Indian equity markets exhibited a mixed to positive trend on Wednesday, consolidating recent gains. The benchmark indices managed to close in the green, albeit with modest advances, reflecting a cautious yet optimistic sentiment among investors.
Key Indices Performance
The Nifty 50 index concluded the trading day with a gain of 48 points, settling at 25,776. Meanwhile, the BSE Sensex edged higher by 79 points, closing at 83,817. The banking sector index, Bank Nifty, outperformed with a notable rise of 196 points, finishing at 60,238.
Sectoral Movements
Sectoral performance was divergent. The Consumer and Oil & Gas indices witnessed strong rallies, surging more than 2% each. In contrast, the Information Technology (IT) index faced significant pressure, correcting sharply by nearly 6%, indicating profit-booking in tech stocks.
Precious Metals Witness Sharp Rebound
After experiencing profit-taking ahead of Wednesday's close, gold and silver rates opened with substantial upside gaps on Thursday morning. In early Asian trade, COMEX gold was up over 1.25%, trading above the psychological level of $5,000 per ounce. Similarly, COMEX silver rates opened with a significant gap-up and gained over 5% during the early session, trading above $88 per ounce.
Expert View on Gold and Silver
Amit Goel, Chief Global Strategist at PACE 360, shared his perspective on whether the recent bounce in precious metals is sustainable. He stated, "I personally believe that gold and silver prices topped out last Friday morning when both metals climbed to new peaks before sharp selling emerged. However, if gold rates today or in the next one to two sessions break above $5,400 per ounce on a closing basis, we can expect the yellow metal to reach a new peak. Likewise, if silver rates break above $95 per ounce on a closing basis, the white metal could hit a new high, provided it sustains above this level."
Indian Rupee Trades Marginally Weaker
The Indian National Rupee (INR) traded slightly weaker against the US Dollar (USD), depreciating by about 20 paise to 90.40. Jateen Trivedi, VP Research Analyst - Commodity & Currency at LKP Securities, commented, "Markets are positioning ahead of key U.S. Nonfarm Payrolls and Unemployment data this week. Recent positive FII inflows provide a supportive undertone, which could help stabilise the currency if global risk sentiment remains constructive. The Dollar Index hovers near 97.55, and its next move will be crucial for rupee momentum. Technically, immediate support is seen in the 90.80–91.00 zone, while resistance remains near 90.00 levels."
FII and DII Activity
Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) remained net buyers for the second consecutive session. In the F&O segment, FIIs bought Indian shares worth ₹1,772.25 crore, while in the cash segment, they purchased nearly ₹30 crore. Cumulatively, till 4 February 2026, FIIs have bought shares worth ₹2,845.27 crore in the cash segment. DIIs, on the other hand, have bought ₹3,027.38 crore worth of shares in the first four days of the current month.
Global Developments: Trump-Xi Talks
In international news, US President Donald Trump and Chinese President Xi Jinping discussed trade and geopolitical issues, including Taiwan, during a call on Wednesday. This conversation precedes a planned face-to-face meeting in April. President Trump described the call as "excellent" and "long and thorough."
Market Outlook and Technical Analysis
Nifty 50 and Sensex
Shrikant Chouhan, Head Equity Research at Kotak Securities, provided his outlook: "We believe that on the higher side, 25,800/83,900 or the 50-day Simple Moving Average (SMA) would act as crucial resistance zones. If the market trades above these levels, it could move up to 25,900–26,000/84,200-84,500. Conversely, below 25,600/83,100, the index could slip to 25,500–25,350/82,800-82,500. The current market texture is non-directional; hence, level-based trading is ideal for day traders."
Bank Nifty
Vatsal Bhuva, Technical Analyst at LKP Securities, noted: "The Bank Nifty took support at its falling trendline breakout and closed with a small candlestick on the daily chart, indicating consolidation. Sustaining above the 60,000 mark reflects underlying strength. The overall chart structure remains bullish, favouring a buy-on-dip strategy as long as the index holds above its 20-day and 50-day moving averages. RSI has closed above its falling trendline resistance, supporting positive momentum. Immediate support is at 59,800, while resistance is near 60,800."
Stock Recommendations for Today
Market experts have recommended eight intraday stocks for today's trading session. The recommendations come from Sumeet Bagadia of Choice Broking, Ganesh Dongre of Anand Rathi, and Shiju Koothupalakkal of Prabhudas Lilladher.
Sumeet Bagadia's Picks
- JK Tyre: Buy at ₹546, Target ₹584, Stop Loss ₹527. The stock broke out of consolidation, reaching an all-time high of ₹555.5, indicating a potential long-term uptrend with strong volume participation.
- MRPL: Buy at ₹183, Target ₹197, Stop Loss ₹176. The stock is in a strong bullish trend, forming a rounding base and breaking out to a 52-week high of ₹190.67, showing renewed buying interest.
Ganesh Dongre's Selections
- Graphite India: Buy at ₹637, Target ₹660, Stop Loss ₹620. Exhibiting a consistent bullish pattern with solid support at ₹620, indicating sustained investor interest.
- BEL: Buy at ₹439, Target ₹464, Stop Loss ₹430. Showing a strong bullish pattern with support at ₹430, suggesting a potential retracement towards ₹464.
- LTF: Buy at ₹287, Target ₹298, Stop Loss ₹278. Displaying a continuous bullish pattern with support at ₹278, indicating a possible price retracement to ₹298.
Shiju Koothupalakkal's Recommendations
- Shipping Corporation of India: Buy at ₹226, Target ₹240, Stop Loss ₹221. Witnessed revival from the ₹200 zone, with higher bottom formation and moving above key moving averages, indicating further upside.
- CESC: Buy at ₹152.80, Target ₹162, Stop Loss ₹149. Corrected and took support near ₹140, showing revival with rising volume and RSI recovery from oversold zone.
- BEML: Buy at ₹1,764, Target ₹1,855, Stop Loss ₹1,730. Formed a double bottom on daily chart, taking support near ₹1,630, with improving bias and RSI moving out of oversold zone.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to consult certified experts before making any investment decisions.
