Market may open firm; RBI policy eyed

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 75 points at the opening bell.

RBI policy:

The Monetary Policy Committee (MPC), headed by RBI Governor, will announce its interest rate decision today, 5 February 2021.

Global markets:

Overseas, Asian stocks rose on Friday after overnight gains stateside that saw the S&P 500 and Nasdaq posting record closing highs.

U.S. stocks jumped on Thursday, extending the rally into a fourth straight day as investors assessed a new batch of corporate earnings and solid economic data. The S&P 500 and Nasdaq posted record closing highs.

On the stimulus front, Democrats are moving forward with President Joe Biden's $1.9 trillion Covid-19 relief proposal. Republicans have countered with a more modest $618 billion package, which includes new stimulus checks of $1,000 per person.

Domestic markets:

Back home, the benchmark indices surged to record high levels on Thursday, as euphoria surrounding the Union Budget continued for fourth trading session. The S&P BSE Sensex, added 358.54 points or 0.71% at 50,614.29. The Nifty 50 index surged 105.70 points or 0.71% at 14,895.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,936.74 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 768.55 crore in the Indian equity market on 4 February, provisional data showed.

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