Markets may make a tepid start on budget day

1 Feb 2024 , 08:59 AM

Indian benchmark indices may start today’s session in a not-so-cheery sentiment as the investors eye the budget to be announced by Finance Minister Nirmala Sitharaman. This budget would be just a vote on account. Yesterday, markets ended the session with substantial gains. BSE Sensex closed 612 points higher. NSE Nifty ended 204 points higher at 21,726.

On the global front, US markets closed on a sluggish note after the Fed hold the rates steady. Dow Jones ended 317 points lower. Nasdaq composite index closed down by 346 points. S&P 500 closed 79 points lower.

Asian stocks are trading in mixed sentiments. Chinese Shanghai Composite is trading 0.25% higher. Japan’s Nikkei 225 closed 0.72% lower. Hong Kong’s Hang Seng index is trading with a decline of 1.62%. South Korean Kospi index is down by 1.37%. Taiwan index is trading with a decline of 0.1%.

Dr Reddy’s, Eicher Motors, Sun Pharma, Tata Motors, and Divis Lab were the biggest gainers in yesterday’s trading session. Only 4 stocks were in the loser category yesterday, namely, L&T, Titan, BPCL, and Tata Consumers.

Global oil prices rose in early trade on Thursday, boosted by signs from the US Federal Reserve about a likely start to rate reduction and additional support measures for China’s struggling housing market.

The rupee rose 6 paise to 83.04 versus the US dollar on Wednesday, helped by a strong trend in local markets.

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