Market may open with small losses

3 Feb 2022 , 08:30 AM

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 15 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday amid some lingering concerns about global growth and ongoing geopolitical tensions. A number of major markets, including those on the Chinese mainland and in Hong Kong, remain shut for the Lunar New Year holidays.

US stocks rose for a fourth straight day Wednesday, as Alphabet propelled gains in tech thanks to strong quarterly earnings. Shares of Google-parent Alphabet surged after its quarterly numbers topped analyst expectations. The company also announced a 20-for-1 stock split.

On the data front, investors are awaiting the U.S. Labor Departments nonfarm payroll count due Friday, which is seen as one of the major indicators of the how the U.S. economy is doing.

Meanwhile, geopolitical tensions in eastern Europe remained at heightened levels after the Pentagon reportedly said it will move some of its Europe-based forces further east and deploy additional U.S.-based troops to Europe. That deployment comes as an estimated 100,000 Russian troops equipped with advanced weaponry line Ukraines eastern border with Russia and northern border with Belarus, which is an ally to Moscow, as per reports.

Domestic markets:

Back home, domestic equity indices ended with robust gains on Wednesday, rising for the third straight session. The barometer index, the S&P BSE Sensex, added 695.76 points or 1.18% to 59,558.33. The Nifty 50 index advanced 203.15 points or 1.16% to 17,780.

Foreign portfolio investors (FPIs) sold shares worth Rs 183.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 425.96 crore in the Indian equity market on 2 February, provisional data showed.

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