Market may open slightly lower

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 21 points at the opening bell.

Build up to the upcoming budget session would be the key event that the market would be looking for in the near future. The Budget session of Parliament is set to commence on January 31 and will conclude on April 8. The government will present the Budget for fiscal 2022-23 on February 1. The Economic Survey is likely to be tabled on January 31 after the president's address, as per reports. Investors will also continue to monitor the situation surrounding the omicron COVID-19 variant.

On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held between February 10 and March 7 in seven phases. The counting of votes and the result will be declared on March 10.

Global markets:

Overseas, Asian stocks are mostly trading higher on Friday, following a volatile session on Wall Street overnight where investors reacted to comments from the Federal Reserve and U.S. GDP data. The Taiwan market is closed for a holiday on Friday.

Wall Street gyrated wildly on Thursday as investors juggled positive economic news with mixed corporate earnings, geopolitical unrest and the prospect of a more hawkish Federal Reserve.

On the macro front, the US economy expanded by 5.7% in 2021. It was the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession. The economy ended the year by growing at a solid 6.9% annual pace from October through December, the Commerce Department reported Thursday.

Domestic markets:

Back home, the benchmark indices ended with modest losses on Thursday. The barometer index, the S&P BSE Sensex, dropped 581.21 points or 1% at 57,276.94. The Nifty 50 index fell 167.80 points or 0.97% at 17,110.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,266.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,881.32 crore in the Indian equity market on 27 January, provisional data showed.

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