Stock Market Updates: Opening Bells, Sensex Up 400 Pts, Nifty Around 21,450
Stock Market Update Today: The benchmark Sensex and Nifty indices are expected to commence positively on January 29, as GIFT Nifty trends suggest a higher opening for the broader index with a gain of 79.50 points.
On January 25, bears took control of Dalal Street, leading to a decline in the frontline indices Sensex and Nifty. Banking, FMCG, and IT stocks contributed to the losses, causing both indices to erase their gains from the previous session.
At the closing bell, the Sensex stood at 70,700.67, down by 359.64 points or 0.51 percent, while the Nifty was at 21,352.60, down by 101.40 points or 0.47 percent.
Markets were closed on January 26 on account of the Republic Day.
Stock Markets Trends This Week
Interim budget, the US Federal policy decision and quarterly earnings will be the major drivers for stock markets which may also see some consolidation this week, say analysts.
Besides, investors would also focus on the trading activity of foreign investors and global trends for further cues.
From the macroeconomic front, the PMI (Purchasing Managers’ Index) data for the manufacturing sector is scheduled to be announced on Thursday.
Budget 2024 Date
Finance Minister Nirmala Sitharaman will present the interim budget for 2024-25 on February 1 (Thursday). The Federal Open Market Committee meeting will be held on January 30 and 31.
Quarterly Results
Adani Green Energy, Bajaj Finance, Bajaj Finserv, Maruti Suzuki India, Titan and InterGlobe Aviation will announce their quarterly earnings this week.
This week is crucial, aligned with the key budget event, which typically sets the market direction, Rajesh Bhosale, Technical Analyst at Angel One, said.
Last week, the BSE benchmark fell by 982.56 points or 1.37 per cent, and the Nifty declined 269.8 points or 1.24 per cent.
“With the budget being interim, no big-bang announcements are expected. Rather, we expect the budget to focus more on retaining the roadmap of growth with some flavour of populism,” as per a report by Axis Securities.
“Budget, earnings, and the US Fed policy will keep the market on its toes,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
This week is poised to be pivotal, marked by a series of significant events, with the budget taking centre stage, Meena said.
He further said that beyond domestic factors, the market will be influenced by the global landscape, including geopolitical developments and movements in the US bond yields, the dollar index, and crude oil prices.
(With PTI inputs)
