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India market rallies on trade deal; Jefferies shifts to metals

after close1 source ↓written by the desknot a recommendation

The Indian capital markets surged to record highs following U.S. tariff reductions for India, boosting market optimism. Jefferies has revised its model portfolio, decreasing its IT allocation while increasing exposure to metals, particularly Hindustan Zinc and JSW Steel. This shift reflects a broader institutional strategy favoring cyclical sectors amid favorable trade policies. ⚡

• Hindustan Zinc positioned as a strong play on silver and zinc.

• JSW Steel benefits from rising commodity demand.

Immediate implications suggest a bullish sentiment towards metals as investors adjust to evolving economic conditions.

Not investment advice. For informational purposes only.

OI Charts is not a SEBI-registered investment adviser or research analyst. This bulletin was written by the OI Charts desk from the public sources listed here. It is commentary on market conditions, not a basis for any investment decision and not a recommendation to buy or sell any security. Prices as of 3 Feb 2026, 16:10 IST.

Sourcesnews.google.com

Read inENहिंతెमराதગુ

The market after the news

HINDZINC closed +1.8% on the day of the news, from ₹628.25 to ₹639.25; Nifty +0.2% over the same session; futures OI −1.4%.

Bulletin at 16:10 IST on 3 Feb 2026. Every change is measured from ₹628.25, the last close before it, on 3 Feb. Nifty 50 is measured over the same sessions.

  • HINDZINC close ₹
  • Nifty 50, rebased to the close before the news
  • close before the news
  • above it
  • below it
  • futures OI, lots
HINDZINC closes around the bulletin against the close before the news, with Nifty 50 rebased to it559.14637.17715.20axis spans 28%before the news · 3 Feb628.25Nifty 50HINDZINCbulletinD0+1+3+529 Jan9 Feb18 FebFutures open interest, lotspeak 35,000Reference close ₹628.25. 16 sessions from 29 Jan to 18 Feb; the price axis spans 28 percent.
price axis fixed at 4 × the 14-session true range around the close before the news · values printed at each marked session
Closes after the news against the close before it, with Nifty 50 over the same span
SessionClose ₹Change %Nifty %
Before3 Feb₹628.25basebase
On the day4 Feb₹639.25▲ +1.8%▲ +0.2%+1.6 pp difference
+1 session5 Feb₹610.80▼ −2.8%▼ −0.3%−2.5 pp difference
+3 sessions9 Feb₹629.10▲ +0.1%▲ +0.5%−0.4 pp difference
+5 sessions11 Feb₹628.55▲ +0.1%▲ +0.9%−0.8 pp difference
Gap at the open, % · ₹
▲ +1.1%+6.72 on 4 Feb
Day's range, % · ₹
1.9%≈ 12 high to low
Volume on the day
0.39×the 20-session average
Futures OI on the day
▼ −1.4%−470 lots · short covering · price +1.8%
Futures OI open, lots
32,0004 Feb · 24 Feb expiry
Futures premium, ₹
+2.90+0.5% to spot
Puts per call, by OI
0.57from 0.55 the session before
Max pain
650from 650 the session before

Source NSE UDiFF bhavcopy · HINDZINC on the desk →

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