Indian stock markets kicked off Wednesday on a cautious note, with investors keeping a close eye on the upcoming policy decision from Reserve Bank of India Governor Sanjay Malhotra. Traders are in wait-and-watch mode ahead of the RBI Monetary Policy Committee meeting, which could bring key updates on interest rates and economic outlook.
The Nifty 50 index started the day at 24,620.55, edging up just 9.45 points or 0.04%. Meanwhile, the BSE Sensex opened lower at 80,173.24, slipping 94.38 points or 0.12%. Recent sessions have seen plenty of ups and downs in the Indian stock market, fueled by worries over global tariffs and trade tensions.
Vikram Kasat, Head of Advisory at PL Capital, pointed out that markets stayed range-bound on Tuesday amid high volatility. “Indices swung between gains and losses as everyone waited for the RBI MPC outcome,” he said. In commodities, silver stole the spotlight, hitting a record Rs 1.51 lakh per kg in India. Globally, silver prices jumped 18.2% over the past month, driven by strong industrial demand, a softer US dollar, and safe-haven buying. With year-to-date gains of 37% on India’s MCX and Comex, experts see silver testing $50 per ounce soon.
Broader market indicators on the NSE showed some positive movement. The Nifty 100 rose 0.13%, the Nifty Smallcap 100 climbed 0.21%, and the Nifty Midcap 100 gained 0.42%.
Most sectors traded in the green, except for Nifty IT. Nifty Pharma and Nifty Auto led the pack, each up more than 1%, while Nifty Media surged around 1%.
On the currency front, the Indian Rupee faces headwinds. It stood at 88.7923 against the US dollar, per RBI data. Currency expert K N Dey highlighted growing concerns: “Geopolitical tensions aren’t helping—our trade talks with the US didn’t yield great results, Russia is prepping for potential NATO clashes, and market inflows are slowing. The rupee could weaken further, especially if the RBI cuts rates today.”
Gold prices also hit fresh highs, as investors flock to safe-haven assets amid global jitters. Manav Modi, Analyst for Precious Metals at Motilal Oswal Financial Services, explained: “Gold reached record levels thanks to fears of a US government shutdown, soft labor data boosting bets on Federal Reserve rate cuts, a weaker dollar, and ongoing geopolitical risks.”
Across Asia, markets mostly trended up. Japan’s Nikkei 225 bucked the trend, dropping over 1%, but Taiwan’s Weighted Index rose 0.92%, Hong Kong’s Hang Seng gained 0.87%, and South Korea’s KOSPI increased 0.65%.
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