Market may extend recent slide
Published on Jan 24, 2022 08:14
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 145 points at the opening bell.
Build up to the upcoming budget session would be the key event that the market would be looking for in the near future. The Budget session of Parliament is set to commence on January 31 and will conclude on April 8. The government will present the Budget for fiscal 2022-23 on February 1. The Economic Survey is likely to be tabled on January 31 after the president`s address, as per reports.
On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held between February 10 and March 7 in seven phases. The counting of votes and the result will be declared on March 10.
Overseas, Asian stocks traded lower on Monday as investors looked ahead to the U.S. Federal Reserve`s monetary policy meeting this week. The Federal Open Market Committee is due to meet on Tuesday and Wednesday to decide on the next steps for U.S. monetary policy.
Wall Street`s main indexes ended sharply lower on Friday as Netflix shares plunged after a weak earnings report.
Back home, the domestic equity benchmarks ended with deep losses on Friday, sliding for the fourth straight session. The barometer index, the S&P BSE Sensex, tumbled 427.44 points or 0.72% to 59,037.18. The Nifty 50 index fell 139.85 points or 0.79% to 17,617.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,148.58 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 269.36 crore in the Indian equity market on 21 January, provisional data showed.
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