Nifty may open lower on subdued Asian stocks

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 27 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Monday after a robust US jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve,

US stocks ended sharply higher on Friday with the S&P 500 registering an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy.

Domestic markets:

Back home, the domestic stock market witnessed a roller coaster session on Friday as both the Sensex and the Nifty closed with modest gains but faced significant declines from their peak values. The barometer index, the S&P BSE Sensex gained 440.33 points or 0.61% to 72,085.63. The Nifty 50 index added 156.35 points or 0.72% to 21,853.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 70.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,463.16 crore in the Indian equity market on 2 February, provisional data showed.

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