Market Live Updates Today: Trends on SGX Nifty indicate a positive opening for the index in India with a 50 points gain
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 50 points gain.
image for illustrative purpose
The S&P BSE Sensex rallied 1,197.11 points or 2.46 percent to 49,797.72 on February 2 while the Nifty50 climbed 366.70 points or 2.57 percent to 14,647.90 levels.
According to pivot charts, the key support levels for the Nifty are placed at 14,500.77, followed by 14,353.73. If the index moves up, the key resistance levels to watch out for are 14,763.27 and 14,878.73.
The Dow Jones Industrial Average rose 475.57 points, or 1.57%, to 30,687.48, the S&P 500 gained 52.45 points, or 1.39%, to 3,826.31 and the Nasdaq Composite added 209.38 points, or 1.56%, to 13,612.78.
Asian markets moved higher during early trading as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programs accelerated.
Stay Tuned For More Market Live Updates.
Live Updates
- 3 Feb 2021 8:57 AM IST
Exports rise 5.37% in January; trade deficit narrows to $14.75 billion
The country’s exports grew 5.37 percent YoY to $27.24 billion in January 2021, mainly driven by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry. The trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020. It was $15.44 billion in December 2020.
Imports in January 2021 rose 2 percent to $42 billion. Exports of pharmaceuticals and engineering grew 16.4 percent ($293 million), and about 19 percent ($1.16 billion), respectively, the data showed.
- 3 Feb 2021 8:57 AM IST
With off-budget borrowings, FY22 fiscal deficit rises to 6.9%, 10.2% for FY21
The fiscal deficit target will go up by 10 basis points to 6.9 percent of the GDP if the extra-budgetary borrowings of Rs 30,000 crore, which is massively down from Rs 1.3 lakh crore this fiscal, is added, according to a report. But if we included these numbers, the deficit numbers would rise by 70 basis points to 10.2 percent for FY21 and 6.9 percent of GDP for FY22, according to a SBI Research report.
At 6.9 percent for the centre and 4 percent for the states, the combined market borrowings next fiscal will be Rs 23.3 lakh crore. Of this, the centre's net borrowings are seen at Rs 8.9 lakh crore and gross borrowings at Rs 12.05 lakh crore in FY22.
- 3 Feb 2021 8:54 AM IST
New Bad Bank to be set up within a month or two: Financial Services Secy
The new 'Bad Bank', as announced by Finance Minister Nirmala Sitharaman in Union Budget 2021-22, would be set up "within the next one or two months", Financial Services Secretary Debashish Panda said on February 2.
The new Development Finance Institution (DFI) announced by the finance minister will be called the 'National Bank for Financing, Infrastructure, and Development'. The Bad Bank is expected by the government to adequately address the non-performing assets (NPA) crisis of the public sector lenders. The creation of Bad Bank would allow the banks reeling under stressed assets to clear up their balance sheets, Sitharaman had said during her post-Budget press conference.
- 3 Feb 2021 8:54 AM IST
High fiscal deficit may invite rating agencies' ire, Fitch may downgrade
Global rating agencies may view the fiscally expansive budget proposals negatively and there is a risk of one of them downgrading India’s sovereign rating, a Japanese brokerage said on Friday. Fitch Ratings, one of the two having a negative outlook on India’s rating, may downgrade the rating to junk, Nomura warned.
In a move widely hailed for its transparency, Finance Minister Nirmala Sitharaman on Monday said the fiscal deficit will come at 9.5 percent on the back of high spending during the pandemic, and will narrow to 6.8 percent in FY22.
- 3 Feb 2021 8:53 AM IST
Oil jumps 2%, hits highest in a year as producers limit supply
Oil prices rose 2% on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with commitments. Brent crude settled up $1.11, or 2%, at $57.46 a barrel, its third straight day of gains. During the session, it touched $58.05, the highest since January last year.
