Market Ahead, Feb 2: Top factors that could guide markets today

The bulls on Dalal Street saluted the Union Budget presented by Finance Minister Nirmala Sitharaman for FY22, so much so, that they posted best ever Budget-day gains in absolute terms with BSE barometer Sensex rising 2,315 points to 48,601 while NSE Nifty added 647 points to end at 14,281.

Looks like, the euphoria in the market is likely to continue even today with SGX Nifty ruling 75 points up at 14,435. While the market participants will continue to comb through the finer details of the Union Budget, global market mood, Q3 results and FII inflows will also sway the market sentiment. 

In overnight session, US Stocks climbed as some of the world’s largest technology companies rallied and several strategists said the recent explosion of speculative buying won’t derail the bull market in equities.

The Dow Jones Industrial Average rose 0.76% while Nasdaq Composite added 2.55%. The S&P 500, meanwhile, registered its biggest daily percentage gain since November 24 as it rose 1.61%.

Consequently, Asian stocks advanced with US futures on Tuesday morning amid receding concerns about volatile retail trading, progress on vaccinations and talks over U.S. stimulus. Topix index rose 0.8%, Australia’s S&P/ASX 200 Index rose 1.3%, Kospi index gained 2.6% and Hang Seng Index climbed 1.6%.

That apart, foreign institutional investors (FIIs) turned net sellers in Indian markets after a five-day hiatus. FIIs net bought shares worth Rs 1,494.23 crore while domestic institutional investors net sold shares worth Rs 90.46 crore.

Now, a look at the stock-specific developments that are likely to sway the market today:

HDFC, Balrampur Chini Mills, Dixon Technologies, Escorts, IIFL Wealth Management and Tata Consumer Products are among 69 companies set to announce their quarterly earnings later today.

Shares of Indigo Paints will list on bourses today. The IPO that ran between January 20-22 was subscribed a whopping 117 times.

PVR set the issue price for QIP at Rs 1,440 per share and raised Rs 800 crore.

Indian Bank declared five NPA accounts, including Cox & Kings and Era Infra Engineering, having Rs 148.03 crore exposure as fraud.

State-owned CIL's coal production declined by 4.1 per cent to 60.5 million tonne (MT) last month.