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Market may open in green; Interim Budget in focus

Published on Feb 01, 2024 08:34

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 18 points at the opening bell.

Finance Minister Nirmala Sitharaman is set to present her sixth Budget, an interim one, today amid the ongoing Budget session of the Parliament. Although Sitharaman has indicated that the interim Budget will not include any "spectacular" announcements, there is widespread anticipation for positive developments. Traders are expressing optimism regarding a potential reduction in the fiscal deficit, underpinned by robust tax revenues. This positive outlook is contributing to an overall sense of buoyancy in the market.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday in response to the declines on Wall Street, prompted by the US Federal Reserve�s indication of requiring more time before implementing interest rate cuts.

US stocks tumbled on Wednesday after the Federal Reserve held interest rates steady while dashing hopes for interest rate cut as soon as March. As expected, the Federal Open Markets Committee (FOMC) left its key policy rate unchanged at 5.25-5.50% against a backdrop of gradually cooling inflation and a resilient economy. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks, the Fed said in its statement.

Domestic markets:

Back home, the domestic equity benchmarks concluded Wednesday`s trading session with robust gains, fueled by the anticipation surrounding India`s interim budget for 2024 and the impending outcome of the US Federal Reserve meeting. The barometer index, the S&P BSE Sensex jumped 612.21 points or 0.86% to 71,752.11. The Nifty 50 index added 203.60 points or 0.95% to 21,725.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,660.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,542.93 crore in the Indian equity market on 31 January, provisional data showed.

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