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Market Ahead,February 4: All you need to know before the Opening Bell

A total of 105 companies, including Bharti Airtel, TVS Motor , and Titan are scheduled to announce their December quarter results

BS Web Team  |  New Delhi 

After the Budget disappointment and the subsequent market crash, investors will now shift their focus back to quarterly earnings and global cues.

On the results front, a total of 105 companies, including Bharti Airtel, TVS Motor, and Titan are scheduled to announce their December quarter results.

Besides, the RBI's Monetary Policy Committee will begin its three-day meet today. According to a Reuters report, economists feel that the RBI may keep monetary policy accommodative without cutting interest rates this time around.

Besides, market participants will also track the oil price movement, the Rupee's trajectory, and stock-specific action.

On the global front, a fragile calm gripped Asian shares on Tuesday as investors waited anxiously to see if Beijing could stem the rout in Chinese assets.

China’s central bank has flooded the economy with cash while trimming some key lending rates, but analysts suspect more will have to be done to offset the economic fallout from the virus. The total number of virus deaths in China reached 425 as of Monday.

Early Tuesday, MSCI's broadest index of Asia-Pacific shares outside Japan had inched up 0.1 per cent, led by gains in South Korea and Australia . Japan's Nikkei pared opening losses to be off 0.2 per cent.

In overnight trade, Wall Street had taken comfort in a surprisingly solid reading of US manufacturing and the Dow ended Monday with a rise of 0.51 per cent, while the S&P 500 gained 0.73 per cent and the Nasdaq 1.34 per cent. The SGX Nifty also indicated a positive start for and Nifty today.

In commodities, oil hit 13-month lows as the throttled demand in the world’s biggest importer of fuel. Brent crude futures crashed to $54.11 a barrel, bringing losses for the year so far to 18 per cent.

Back home, equity bounced back on Monday after falling for three consecutive days. closed 137 points higher at 39,872 and Nifty settled 46 points up at 11,708. According to experts, the Nifty has formed a symmetrical triangular pattern on the hourly charts with wave C up on the anvil. As such, traders can buy Nifty for the target of 11,850 with a stop loss of 11,650.

And, in the end, here's a stock idea by Anand Rathi Shares and Stock Brokers which recommends buying Bajaj Finance at current levels for the target of Rs 4,550 with stop-loss at Rs 4,250.

First Published: Tue, February 04 2020. 06:48 IST