Markets may see positive sentiment at the opening bells today

2 Feb 2024 , 08:52 AM

Indian benchmark indices may open with gains in today’s trade. Yesterday, indices settled in negative territory after no major impact of the budget was seen on the markets. BSE Sensex closed 107 points lower at 71,645. NSE Nifty ended 28 points lower at 21,697.

On the global front, US markets closed higher as investors eye high-profile earnings and Friday’s employment report. Dow Jones closed 370 points higher. Nasdaq Composite index ended with a gain of 198 points. S&P 500 closed 60 points higher.

On the Asian front, markets are trading in the green, driven by gains in the US markets as results from Amazon and Meta beat estimates. Chinese Shanghai Composite is trading 0.09% higher. Japan’s Nikkei 225 closed 1% higher. Hong Kong’s Hang Seng index is trading with a gain of 1.55%. South Korean Kospi index is trading 2.14% higher. Taiwan index is higher by 0.41%.

Yesterday, Maruti Suzuki, Power Grid, Cipla, SBI Life, and Eicher Motors closed as the top laggards. Grasim Industries, L&T, Ultratech Cement, Dr Reddy’s, and JSW Steel were the biggest losers.

Oil prices increased in early trade on Friday following OPEC+’s decision to maintain its oil output strategy, recouping some losses from the previous trading session caused by unconfirmed ceasefire rumours between Israel and Hamas.

The rupee gained 6 paise to settle at 82.98 versus the US dollar on Thursday, as the government hinted at speedier fiscal consolidation and reduced borrowings in its interim Budget for 2024-25.

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