The market is expected to open in the green on February 3 as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 65 points.
In the previous session, the BSE Sensex settled 224 points higher at 59,932, while the Nifty50 oscillated within the previous day’s range and closed 6 points lower at 17,610, forming bullish candle on the daily charts with upper & lower wicks as the closing was higher than opening levels.
As per the pivot charts, we have the key support level for the Nifty at 17,491, followed by 17,442, and 17,362. If the index moves up, the key resistance levels to watch out for are 17,650, followed by 17,699 and 17,778.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today.
We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
The Nasdaq and S&P 500 ended higher on Thursday and touched roughly five-month highs as a more dovish-than-expected message from Federal Reserve Chair Jerome Powell boosted equities and Meta Platforms shares soared on rigorous cost controls.
The Dow Jones Industrial Average fell 39.02 points, or 0.11%, to 34,053.94, the S&P 500 gained 60.55 points, or 1.47%, to 4,179.76 and the Nasdaq Composite added 384.50 points, or 3.25%, to 12,200.82.
Asian Markets
Stocks in the Asia-Pacific were mixed on Friday after Wall Street’s rally driven by technology stocks.
Meta surged 23%, marking its best day since 2013 after seeing a better-than-expected earnings report.
The Nikkei 225 in Japan rose 0.64% and the Topix fell 0.41%. In South Korea, the Kospi fell 0.14%.
In Australia, the S&P/ASX 200 rose 0.38% as investors digest new housing loan commitments for December that fell 4.3%.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 65 points.
The Nifty futures were trading around 17,704 levels on the Singaporean exchange.
Amid massive stock rout for almost a week in most of Adani group stocks, the National Stock Exchange (NSE) has put Adani Enterprises, Adani Ports and Ambuja Cements under additional surveillance measure (ASM) framework effective February 3, 2023 to curb short-selling.
NSE, in its circular released on February 2, noted that applicable rate of margin shall be 50 percent or existing margin, whichever is higher, subject to maximum rate of margin capped at 100 percent w.e.f.
February 6, 2023 on all open positions as on February 3 and new positions created from February 6.
The Bank of England raised interest rates by half a percentage point Thursday as it sought to tame double-digit inflation that is fueling a cost-of-living crisis, public-sector strikes and fears of recession.
The bank’s monetary policy committee voted 7-2 to push its key rate to 4%, approving the 10th consecutive rate increase since a post-pandemic surge in the world economy and Russia’s war in Ukraine drove inflation to 40-year highs.
Economists suggest this may be the last big rate increase for Britain’s central bank as inflation begins to slow.
Results on February 3, and February 4
ITC, State Bank of India, Divis Labs, Bank of Baroda, Tata Power, InterGlobe Aviation, One 97 Communications (Paytm), Marico, Mahindra & Mahindra Financial Services, Zydus Lifesciences, Manappuram Finance, Aarti Industries, Borosil, Clariant Chemicals, Elgi Equipments, Emami, Engineers India, India Cements, Intellect Design Arena, JK Tyre & Industries, Jubilant Pharmova, Kansai Nerolac Paints, Nava, Praj Industries, Quess Corp, Shipping Corporation of India, Sun TV Network, and Tube Investments of India would be in focus ahead of quarterly earnings on February 3.
MCX India, Affle (India), Apex Frozen Foods, Atul Auto, Birla Corporation, Dalmia Bharat, Finolex Industries, India Pesticides, Relaxo Footwears, Rossari Biotech, Skipper, and Voltamp Transformers will be in focus ahead of December FY23 quarter earnings on February 4.
FII and DII data
Foreign institutional investors (FII) net-sold shares worth Rs 3,065.35 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,371.36 crore on February 2, as per provisional data available on the NSE.
Oil heads for weekly loss awaiting China recovery signs
Oil prices made modest gains in early trade on Friday but were heading for a second straight week of losses, as the market looked for more signs of a strong recovery in fuel demand in China to offset looming slumps in other major economies.
Brent crude futures rose 16 cents, or 0.2%, to $82.33 a barrel at 0110 GMT, while US West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to $76.06 a barrel.
Dollar climbs as central banks see inflation risks unwind
The euro and sterling slipped against the dollar on Friday as markets took a dovish cue from policymakers at the European Central Bank and the Bank of England, who said inflationary pressures in their economies have become more manageable.
Elsewhere, the greenback broadly advanced on the back of its Atlantic counterparts’ decline, reversing its losses earlier in the week.
The pound slid 0.15% to a more than two-week low of $1.2206 in early Asia trade, after falling 1.2% in the previous session, its largest daily decline in a month.
Stocks under F&O ban on NSE
The National Stock Exchange has added Adani Ports and retained Ambuja Cements under its F&O ban list for February 3.
Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
ByMoneycontrol
insidesmarket.com
