The Indian stock market opened lower on February 10, with the GIFT Nifty indicating a negative opening for the BSE Sensex and NSE Nifty 50. This follows a mixed performance in Asian markets, which were tracking US futures. (Source: Moneycontrol, February 10, 2024)
The GIFT Nifty, a derivative index traded on the Gujarat International Finance Tec-City (GIFT) exchange, closed at 23,569, suggesting a decline for Indian indices. Asian markets opened with mixed results, with Japan's Nikkei 225 down 0.11% and the Asia Dow up 0.22%. South Korea's Kospi also declined by 0.14%, while the Shanghai Composite rose 0.02%. (Source: Moneycontrol, February 10, 2024)
The market's reaction to US President Donald Trump's new blanket tariff plans is expected to be a key factor influencing trading. Trump announced plans to impose a 25% tariff on all steel and aluminium imports, adding to existing metals duties. This move is seen as a major escalation of his trade policy overhaul. (Source: Moneycontrol, February 10, 2024)
On Friday, February 07, the NSE Nifty 50 closed 0.18% lower at 23,559.95, while the BSE Sensex lost 0.25% to close at 77,860.19. (Source: Moneycontrol, February 10, 2024)
US stock markets also closed lower on Friday, with the S&P 500 losing 0.95% to finish at 6,025.99. The Nasdaq Composite Futures declined 1.36% to end at 19,523.40, and the Dow Jones Industrial Average slipped 0.99% to 44,303.40. (Source: Moneycontrol, February 10, 2024)
The US Dollar Index (DXY) was down almost 0.29% at 108.35 on Monday morning. The index measures the dollar's value against a basket of six foreign currencies. (Source: Moneycontrol, February 10, 2024)
Crude oil prices edged higher, with WTI crude trading at $71.41 (up 0.60%) and Brent crude at $75.09 (up 0.57%) on Monday morning. (Source: Moneycontrol, February 10, 2024)
Foreign institutional investors (FIIs) were net sellers of shares worth Rs 470.39 crore on February 07, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 454.20 crore. (Source: Moneycontrol, February 10, 2024)
The gold rate is expected to rise due to a delay in Fed rate cuts and rising inflation. The benchmark 10-year Treasury yield has come down from its early January peak. Gold prices in India have surged past Rs 85,000 per 10 grams, reaching an all-time high of Rs 85,020. The 22 kt gold rate is currently Rs 77,935 per 10 grams. (Source: Moneycontrol, February 10, 2024)