Indices may open on flat note

Indian stocks are expected to open on a flat note after seeing steep recent rally.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 9 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mostly lower on Thursday following another positive session overnight for the S&P 500 stateside.

In US, the Dow and S&P 500 rose slightly on Wednesday, registering a third straight session of gains, with Alphabet Inc's shares hitting a record high following its strong quarterly results.

The House passed a budget resolution Wednesday, a key step as Democrats push toward a vote on a $1.9 trillion coronavirus relief package. Approval of the measure allows Congress to move forward with reconciliation, through which Democrats can pass an aid bill without Republican support. The Senate is expected to approve a resolution later this week.

Domestic markets:

Back home, the benchmark indices surged for third consecutive session on Wednesday, as euphoria surrounding the Union Budget continued. The S&P BSE Sensex, soared 458.03 points or 0.92% at 50,255.75. The Nifty 50 index surged 142.10 points or 0.97% at 14,789.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,520.92 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 399.74 crore in the Indian equity market on 3 February, provisional data showed.

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