GIFT Nifty signals a subdued start

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 52 points at the opening bell.

The upcoming India`s Interim Budget on Thursday and the US Federal Reserve`s monetary policy meeting outcome on Wednesday are expected to bring continued volatility to the market.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday ahead of the rate decision from the U.S. Federal Reserve and as investors assessed a slew of economic data from across the region, including China and Australia.

China�s factory activity contracted for a fourth consecutive month in January. The official non-manufacturing managers� index rose to 50.7 in January from 50.4 in December, according to data from the National Bureau of Statistics released Wednesday.

US stocks ended mixed on Tuesday ahead of the much-awaited US Fed`s policy outcome.

The International Monetary Fund slightly increased its global growth forecast for 2024, noting that a hard landing is looking less likely but cited ongoing geopolitical conflicts as potential overhangs to global growth. The IMF raised its global growth projection to 3.1% in 2024, which is 0.2% higher than its forecast from October 2023. The International Monetary Fund (IMF) has raised its 2024-25 GDP growth forecast for India by 20 basis points to 6.5%.

Domestic markets:

Back home, the domestic stock market witnessed notable volatility on Tuesday, leading to a substantial decline in key indices. The barometer index, the S&P BSE Sensex down 801.67 points or 1.11% to 71,139.90. The Nifty 50 index lost 215.50 points or 0.99% to 21,522.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,970.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,002.70 crore in the Indian equity market on 30 January, provisional data showed.

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