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Market Ahead, January 29: All you need to know before the Opening Bell

India Inc is expecting a slew of economy-boosting steps such as income-tax rate cuts, increased rural infrastructure spending, and job creation measures in the Union Budget this time

Topics
Market Ahead | Markets | Budget 2020

BS Web Team  |  New Delhi 

As India approaches the Union Budget 2020, the hopes and expectations from the big day will be the main factor giving direction to the while investors will also keenly follow the ongoing corporate results for stock-specific action. Further, the expiry of January derivatives contracts on Thursday is likely to add some volatility to today's session.

According to a Business Standard survey, India Inc is expecting a slew of economy-boosting steps such as income-tax rate cuts, increased rural infrastructure spending, and job creation measures in the Union Budget this time.

On the results front, a total of 68 companies including Bajaj Finance, Jubilant FoodWorks, and Pidilite Industries, are scheduled to announce their results.

Besides, foreign fund flow, the Rupee's trajectory, and the oil price movement will also be on the market participants' radar.

Globally, US stocks rebounded on Tuesday as across the world stabilized after the head of the said he was confident in China’s ability to stem the virus outbreak. The Dow Jones Industrial Average rose 0.65 per cent, the S&P 500 gained 1 per cent, and the Nasdaq Composite added 1.43 per cent. Asian shares took hint from Wall Street and rose on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent. Australian shares rose 0.4 per cent, while Japan's Nikkei stock index was up 0.27 per cent. The SGX Nifty is also indicating a mild green start for Sensex and Nifty today.

In commodities, oil prices ticked up after suffering from heavy declines in wake of the spreading.

Investors will keep track of the developments on the front. They will also await the meeting later today. The Fed is expected to reiterate its desire to keep rates unchanged at least through this year.

Back home, benchmark indices extended their losses into the second consecutive session on Tuesday. The Sensex closed the day 188 points lower at 40,967 and the Nifty finished with a loss of 63 points at 12,056.

Analysts say that the Nifty has breached its short term support of 12087 and closed below its 50 days EMA for the first time since October 7, 2019. Strong support exists at 12,000. A close below 11,929 would be considered bearish trend reversal in Nifty while an upward move might find resistance at 12272 levels.

And, in the end, here's a stock idea by Religare Broking which recommends buying Limited around Rs 1,825-1,835 for the target of Rs 1,940 with stop-loss at Rs 1,780.

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First Published: Wed, January 29 2020. 07:51 IST
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