Market may open lower
Published on Feb 07, 2022 08:23
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 46 points at the opening bell.
Meanwhile, the Reserve Bank of India`s Monetary Policy Committee will meet on February 8-10 instead of February 7-9, the central bank said on February 6. The change in the committee`s meeting schedule comes after February 7 was declared as public holiday by the Maharashtra state government following the demise of renowned singer Lata Mangeshkar.
Overseas, Asian stocks are trading lower on Monday, with mainland China markets reopening following the Lunar New Year holidays last week. Stunningly strong US jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve.
Investors continued to monitor the situation around Ukraine, with White House national security adviser Jake Sullivan reportedly warning Sunday that a Russian invasion could be imminent.
In US, the S&P 500 and Nasdaq Composite jumped Friday as continued strength in earnings reports extended the tech-led rebound from the January rout.
US employers added a burst of 467,000 jobs in January despite a wave of omicron inflections that sickened millions of workers, kept many consumers at home and left businesses from restaurants to manufacturers short-staffed. The Labor Department`s report on Friday also showed the unemployment rate ticked up from 3.9% to 4%. Estimated job growth for December was also revised much higher, from 199,000 to 510,000.
Back home, benchmark indices ended with small losses on Friday. The barometer index, the S&P BSE Sensex, fell 143.25 points or 0.24% at 58,644.82. The Nifty 50 index lost 43.9 points or 0.25% at 17,516.30.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,267.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 621.98 crore in the Indian equity market on 4 February, provisional data showed.
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