Stock Market LIVE Updates: GIFT Nifty indicates a flat start; US, Asian markets fall

The decline continues in the headline index as it has been falling after forming a lower top on the daily chart. Sentiment has weakened further after Nifty dropped below the 21EMA. Additionally, the RSI has entered a bearish crossover.

In the short term, the trend may worsen below 23,350, with the potential to fall toward 23,000 if it sustains below this level. On the higher end, resistance is seen at 23,550.

The ongoing tariff-related trade war built up has continued to negatively impact the Indian equities. Following a sluggish opening; the Index extended its losses throughout the day and, ultimately closed at 23,381.60 with a considerable drop of 178.35 points. All sectors experienced substantial declines, with the Realty and Metal sectors tumbling the most. The selling pressure was particularly intense in the broader markets, as both Mid and Small-cap segments saw declines of 2.12% and 2.11%, respectively.

With a strong bearish candlestick, the index has decisively broken through its key support level of 23,500, signaling a potential move towards the next support level of 23,240. Meanwhile, the resistance level has shifted lower to 23,465.

Indian rupee ended marginally lower at 87.48 per dollar on Monday versus Friday’s close of 87.42.

Indian equity indices ended on a negative note with Nifty below 23,400 on February 10.

At close, the Sensex was down 548.39 points or 0.70 percent at 77,311.80, and the Nifty was down 178.35 points or 0.76 percent at 23,381.60. About 1029 shares advanced, 2917 shares declined, and 108 shares unchanged.

Trent, Power Grid Corp, Tata Steel, Titan Company, ONGC were among the top losers on the Nifty, while gainers were Kotak Mahindra Bank, Britannia Industries, Bharti Airtel, HCL Technologies, Tata Consumer Products.

Nifty Midcap and Smallcap indices shed 2 percent each.

All the sectoral indices ended in the red with metal, media, pharma, consumer durables, energy, realty down 2-3 percent.

#1 Q3 another miss driven by India, while Europe in line

#2 Company seeing flattish raw material basket in Q4

#3 They have not planned any price hikes in the near term

#4 Management is targetting US & middle east (esp Saudi Arabia) as the key export markets

#5 Management will start capacity addition for PCR in FY26 in India & EU

Gold prices have hit fresh highs in the international markets in today’s trading session. The yellow metal prices are seen trading at a level above $2900 mark. The key factor pushing gold prices upwards is the latest tariff threats by US President Trump that is boosting the demand for safe-haven assets like gold.

Additionally, US is also likely to impose new 25% tariffs on all steel and aluminum imports into the U.S. This latest move is on top of existing metals duties. The possibility of a likely US-China trade war are also supporting the prices of gold.

Given the uncertainty of trade war and geopolitical tensions, we expect gold prices to touch levels of $3000 for the international markets and INR 88,000 in the domestic market respectively.

Indian Rupee touched fresh record lows in early trades on weak domestic markets and a strong US Dollar index. However, Rupee recovered early losses on supposed intervention by the RBI. The US non-farm payroll report was mixed with job additions missing estimates while unemployment rate was better than forecast.

We expect Rupee to trade with negative bias amid weak domestic markets and FII outflows. A strong US Dollar amid uncertainty over US trade tariffs may also weigh on the Rupee. However, any intervention by the RBI may support the Rupee at lower levels. Traders may take cues from inflation data from US and India this week. USDINR spot price is expected to trade in a range of Rs 87.25 to Rs 87.80.

The Indian rupee has recovered from the record low of 87.95. It is trading marginally lower at 87.47 per dollar against Friday’s close of 87.42.