**MARKET BRIEF: 03 FEBRUARY 2026** **Global Equities Surge on Trade Optimism** Global markets are rallying today, driven by a historic trade agreement between the US and India. The deal, announced late Monday, slashes reciprocal tariffs on Indian goods from **25%** to **18%**, triggering a massive risk-on sentiment across Asia. **India** is leading the charge, with the **Sensex** skyrocketing over **4,200 points (+5.14%)** to trade near **85,870**, and the **Nifty 50** surging past **26,300**. **US markets** closed higher yesterday, shaking off government shutdown concerns. The **Dow Jones** climbed **1.05%** to **49,407**, while the **S&P 500** added **0.54%** to reach **6,976**. **Asian indices** followed suit, with South Korea’s **Kospi** rebounding **5%** and gains observed in Japan’s **Nikkei** and Hong Kong’s **Hang Seng**. **Commodities: Precious Metals Crash** Gold and silver prices have collapsed as risk appetite returns and the US dollar firms. * **Gold** plunged significantly, trading globally around **$4,781 per ounce** (down ~1.7%). In domestic Indian markets (MCX), prices crashed by nearly **₹10,000**, hitting lower circuits and trading near **₹1.52 lakh per 10g**. * **Silver** faced a steeper sell-off, plummeting **6–12%** in various markets to trade below **$116 per ounce**. **Oil** remains volatile but relatively stable, with **Brent Crude** hovering between **$66** and **$70 per barrel**, influenced by OPEC+ production decisions and the ongoing US fiscal standoff. **Crypto: Bitcoin Enters Bear Market** The cryptocurrency sector is under heavy pressure. **Bitcoin (BTC)** has dropped approximately **12%** recently, trading around **$71,060**. The asset is struggling to reclaim the **$80,000** level, with analysts citing significant institutional outflows and a "bear market" technical entry after falling **40%** from record highs. **Corporate Highlights** **Disney** reported strong Q1 FY26 results, bolstered by box office blockbusters. *Zootopia 2* and *Avatar: Fire and Ash* both surpassed **$1 billion** globally, driving streaming and park revenue. **Tyson Foods** saw a **5.1%** sales increase but reported a sharp **48%** drop in operating income, highlighting margin pressures despite volume growth. **Super Micro Computer** is set to report earnings today, with markets watching closely for updates on AI infrastructure demand. **Economic & Geopolitical Watch** **US Government Shutdown:** The US federal government has entered a second shutdown period due to budget disagreements. However, markets are largely looking past this, focusing instead on trade diplomacy. **India Union Budget:** The market's euphoric reaction today also factors in the growth-oriented policies from the Union Budget presented on February 1, which, combined with the US trade deal, has ignited "animal spirits" in the economy.