The BRICS TimesShare Market Today: The Indian stock market started the day with a sharp decline. Investors seem cautious ahead of the upcoming Budget. Both Sensex and Nifty opened with significant losses.
The Indian stock market faced a downturn on Friday due to weak global cues. Both major indices started the session in the red. The BSE Sensex opened at 81,947.31, dropping 619.06 points or 0.75%. Meanwhile, the Nifty 50 fell by 171.35 points or 0.67% to start at 25,247.55.
Performance of Key Stocks
Indigo, BEL, and ITC were early gainers on the BSE. However, Tata Steel, Eternal, and M&M dragged the index down. The broader market also felt the heat. The Nifty Smallcap 100 dropped by 1.31%, while the Nifty Midcap 100 declined by 1.01%.
Condition of Asian Markets
President Donald Trump announced he would name the next Federal Reserve Chairman on Friday morning. Following this, Asian markets saw some recovery. Japan’s Nikkei 225 rose by 0.25%, and the Topix climbed 0.58%. South Korea’s Kospi gained 1.23%, and the Kosdaq increased by 0.99%.
Mixed Results in US Markets
US benchmarks ended Thursday with mixed results after the Fed kept interest rates steady. The S&P 500 slipped 0.13% to close at 6,969.01. The Nasdaq Composite fell 0.72% to end at 23,685.12. In contrast, the Dow Jones rose by 0.11% to reach 49,071.56.
Movement in US Dollar
The US Dollar Index (DXY) traded slightly higher at 96.57 on Friday morning. On January 29, the Rupee fell 0.17% against the Dollar. It closed near its record low of 91.95.
The US Dollar Index, or USDX, tracks the dollar against six major world currencies. These include the Euro, Swiss Franc, Japanese Yen, Canadian Dollar, British Pound, and Swedish Krona. It measures the dollar’s relative strength.
Trends in Foreign Investment
Provisional data from the NSE shows activity for January 28, 2025. Foreign Institutional Investors (FII) bought shares worth 393.97 crore. Simultaneously, Domestic Institutional Investors (DII) purchased shares worth 2,638.76 crore.
