Summary of this article
The Gift Nifty signals a muted start as indices face pressure from rising volatility and pre-budget jitters ahead of February 1.
Oil prices remain stable near 60 dollars following Trump’s announcement of a 50 million barrel supply injection from Venezuelan oil reserves.
FIIs remain net sellers worth 1,527 crore Rs, while DIIs provide support with net purchases of Rs 2,889 crore
Stock Market News: On January 8, the benchmark indices are expected to start the session on a subdued note amid negative cues. The Gift Nifty began the session in the red and continued to stay within the red zone trading close to 26,167.50 down by 31 points or 0.12 per cent.
On January 7, the headline indices closed lower, as the Sensex finished around the 84,961.14 mark down by 0.12 per cent. On the other hand the 50-share Nifty ended the session around 26,140.75 down by 0.14 per cent.
Stock Market Cues For Today
On January 8, new developments in the US-Venezuela conflict, changes in key commodity prices along with pre-budget jitters are expected to frame investor sentiment on D-street.
US-Venezuela Conflict
US President Donald Trump softened his stance on Gustavo Petro the President of Columbia. Earlier, Trump accused him of having links to drug trade. The US President wrote on social media platform Truth Social that it was a ‘great honour’ to speak with the Columbian President.
"It was a Great Honor to speak with the President of Colombia, Gustavo Petro, who called to explain the situation of drugs and other disagreements that we have had," Trump said in a post.
Petróleos de Venezuela (PDVSA) Venezuela’s state owned oil firm also stated that it is in talks with the US government regarding the sale of Venezuelan crude to American buyers. This follows Trump’s post on Truth Social wherein he wrote that Venezuela’s interim authorities will transfer 30 to 50 million barrels of oil to the United States.The sale can potentially act as an immediate supply injection, stability in oil prices is a major tailwind for India’s economy.
Pre-Budget Jitters and Rising Volatility
The Union Budget is scheduled to be announced on February 1, 2026. Ahead of the announcement of the Union Budget, the volatility indicator, India VIX has risen 9.95 per cent in the first eight days of the year. Notably, this happens on account of pre-budget jitters as the market enters the wait and watch mode in anticipation of major policy related announcements.
Crude Oil Prices Today
Crude oil prices edged upwards in the early hours of January 8 as the price of West Texas Intermediate Futures was around $56.20 up by $0.21 or 0.38 per cent. On the other hand the price of Brent Crude Futures was around $60.17 up by $0.21 or 0.35 per cent.
Gold Prices On January 8
On January 8, physical gold rates in India decreased in the early hours, as the price of 24 karat gold was Rs 13,826 per gram, the price of 22 karat purity gold was around Rs 12,674 per gram and the price of 18 karat gold was around Rs 10,370 per gram.
FII Outflows
Foreign Institutional Investors (FIIs) have remained net sellers of Indian equities in five out of six sessions in the new calendar year. On January 7, FIIs extended their selling spree, net selling Indian equities worth Rs 1,527.71 crore. On the other hand, Domestic Institutional Investors have continued to remain net buyers in all the six sessions and purchased equities worth Rs 2,889.32 crore on January 7.
Nikkei and Hang Seng See Early Declines
On January 8, Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices witnessed early declines falling 0.97 per cent and 1.22 per cent respectively. Conversely the KOSPI and the Shanghai Composite posted early gains of 0.55 per cent and 0.08 per cent respectively.
US Markets
On January 7, the Nasdaq Composite finished with gains of 0.16 per cent. However the S&P 500 and the Dow Jones Industrial Average finished the session with declines of 0.34 per cent and 0.94 per cent respectively.
