Market Live Updates Today: Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of around 146 points.
image for illustrative purpose
On the first day of February series, January 28, the market started with a bounce back but failed to sustain it and lost more than 270 points from day's high on the Nifty50 in last couple of hours of trade to close with moderate loss. Heavy FII selling, caution ahead of Union Budget and weak global cues weighed on the sentiment.
According to pivot charts, the key support levels for the Nifty are placed at 16,994.83, followed by 16,887.77. If the index moves up, the key resistance levels to watch out for are 17,291.23 and 17,480.57.
US Markets
Wall Street surged on Friday, notching its best day so far in 2022 after another zigzag session, ending a tumultuous week marked by mixed corporate earnings, geopolitical turmoil and an increasingly aggressive Federal Reserve.
All three major US stock indexes began the day in the red, but turned increasingly green as the session progressed, with tech shares doing the heaviest lifting.
The Dow Jones Industrial Average rose 564.69 points, or 1.65%, to 34,725.47, the S&P 500 gained 105.34 points, or 2.43%, to 4,431.85 and the Nasdaq Composite added 417.79 points, or 3.13%, to 13,770.57.
Asian Markets
Asian share markets made a cautious start to a week that is likely to see a rise in UK interest rates and mixed reports on U.S. jobs and manufacturing, while surging oil prices added to worries over inflation.
Lunar New Year holidays made for thin conditions and MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1% in slow trade. Japan's Nikkei dipped 0.3% as data on industrial output and retail sales undershot forecasts.
GDP in focus for Economic Survey despite recent misses
The Economic Survey, which is tabled in Parliament a day before the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin.
Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-22 in the Lok Sabha today soon after the President's Address to both Houses of Parliament. She will present the Union Budget for the next financial year beginning April 1, 2022, tomorrow.
One of the most-watched numbers in the pre-Budget Economic Survey, authored by a team led by the Chief Economic Advisor (CEA), is the projection of the Gross Domestic Product (GDP) for the next fiscal. The previous economic survey was presented in the midst of the COVID-19 pandemic.
SGX Nifty
Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 146 points. The Nifty futures were trading around 17,238 levels on the Singaporean exchange.
Live Updates
- 31 Jan 2022 9:50 AM IST
Oil rises, hovers near 7-year highs on supply fears, political risks
Oil rose 1% on Monday, hovering near 7-year highs hit in the previous session, amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East. Brent crude rose 92 cents, or 1.0%, to $90.95 a barrel.
- 31 Jan 2022 9:50 AM IST
Indian economy needs more hand-holding, fiscal correction can wait: Report
Warning that any sudden and sharp fiscal consolidation steps can throttle the nascent and uneven recovery of the Indian economy, a Wall Street brokerage has said the Budget should instead focus on boosting overall demand, from rural consumption in particular, and invest more in infrastructure.
The successive waves of the pandemic has made it more difficult to reduce government debt as a share of GDP in the medium-term, said Goldman Sachs in a pre-Budget note.
The brokerage believes that even though allocation for COVID related expenses will come down, the government will have to continue to focus on welfare spending and also expects capex to increase 12 percent.
- 31 Jan 2022 9:49 AM IST
Goldman Sachs expecting five rate hikes this year
Goldman Sachs is forecasting that the US Federal Reserve will raise interest rates five times in 2022, versus four previously, with a hike expected in March, according to a note from its economists late on Friday.
Economists have scrambled to update rate hike expectations since the Fed on Wednesday said it was likely to hike interest rates in March and reaffirmed plans to end its bond purchases that month in what Fed Chairman Jerome Powell pledged will be a sustained battle to tame inflation.
