Stock market updates on Thursday, February 01, 2024: Barring mixed cues from Asian peers, benchmark indices are likely to seek direction today from the Interim Budget to be announced by finance minister Nirmala Sitharam from 11 am onwards.
At 08:20 AM, Gift Nifty futures quoted around 21,823, suggesting a likely quiet start to the trading action on the Nifty 50.
Among individual stocks – Adani Enterprises, Adani Ports, Bata India, Castrol, Deepak Fertilizers, HFCL, Indian Hotel, India Cement, Praj Industries, Raymond, RITES and Titan are likely to be in focus as these companies announce Q3 results today.
Global cues
Asian markets exhibited a mixed trend this morning. Japan’s Nikkei was down 0.8 per cent. Hang Seng and Shanghai had bounced back with gains of over 1 per cent.
Also Read : Dollar hovers near seven-week high as Fed cut expectations shift to May
Overnight, Dow Jones slipped 0.8 per cent. Nasdaq tumbled 2.2 per cent, while the S&P 500 tanked 1.6 per cent after the US Federal Reserve, as expected, left interest rates unchanged, but indicated it would not cut rates until inflation was moving sustainably towards its 2 per cent target.
According to CME Group’s FedWatch Tool, bets for a rate cut in March dropped to 33.5 per cent from almost 90 per cent post Fed annoucement. Treasury yields slip to near 3-week lows to sub 4 per cent mark.
Among commodities, Gold futures moved higher to $2,060 per ounce, while Brent Crude Oil dipped below $81 per barrel.