Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 115 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday, with multiple major markets in Asia remaining closed for the Lunar New Year holidays. Markets in mainland China, Hong Kong, Singapore and South Korea are closed on Wednesday for the Lunar New Year holidays.

US stocks rose for a third day Tuesday, as Wall Street tried to recover its footing after a wild January. Bank stocks led the market higher.

On the macro front, the Institute for Supply Management said its manufacturing index came in at 57.6 for January, down 1.2 points from December. The data also showed that prices jumped by 7.9 points to 76.1 month over month.

Domestic markets:

Back home, the main indices ended a volatile session with robust gains on Tuesday. The barometer index, the S&P BSE Sensex, was up 848.40 points or 1.46% to 58,862.57. The Nifty 50 index advanced 237 points or 1.37% to 17,576.85.

Investors cheered the union budget 2022-23 with its higher capital expenditure and thrust on infra. The government's focus on boosting manufacturing as well as an underlined emphasis on areas such as startups, modern mobility and clean energy, boosted investors sentiment.

Foreign portfolio investors (FPIs) sold shares worth Rs 21.79 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,597.70 crore in the Indian equity market on 1 February, provisional data showed.

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