Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 58 points at the opening bell.

On the macro front, India's exports grew 5.37% YoY to $27.24 billion in January 2021, according to provisional data of the commerce ministry. Imports in January 2021 rose 2% to $42 billion. The trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday following an overnight surge on Wall Street.

Japan's services sector shrank at the fastest pace in five months in January. The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) dropped to a seasonally adjusted 46.1 from the prior month's 47.7, marking the lowest reading since August.

US stocks finished sharply higher for a second straight day on Tuesday, helped by gains in Amazon.com and Google-parent Alphabet ahead of their results and by optimism over progress on a US pandemic relief package.

Meanwhile, investors will be following stimulus negotiations in Washington, after congressional Republicans made a counteroffer to President Joe Biden's $1.9 trillion stimulus plan on Sunday.

Biden met with those lawmakers on Monday as congressional Democrats moved toward passing a reconciliation bill without bipartisan support. White House Press Secretary Jen Psaki described the meeting as substantive and productive.

Domestic markets:

Back home, benchmark indices rallied for the second day on Tuesday, as investors cheered the Union Budget announcements. Positive global cues also lifted the sentiment. The barometer index, the S&P BSE Sensex, soared 1,197.11 points or 2.46% at 49,797.72. The Nifty 50 index surged 366.65 points or 2.57% at 14,647.85.

Foreign portfolio investors (FPIs) bought shares worth Rs 6,181.56 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,035.20 crore in the Indian equity market on 2 February, provisional data showed.

Powered by Capital Market - Live News