Today’s stock market update: Benchmark Sensex and Nifty indices are expected to start rising on January 29 as GIFT Nifty trends suggest the broader index will open higher with a gain of 79.50 points.
On January 25, bears took control of Dalal Street, causing frontline indices Sensex and Nifty to fall. Banking stocks, FMCG stocks and IT stocks contributed to the decline, causing the two indices to erase the previous session’s gains.
As of the close, the Sensex index was at 70,700.67 points, down 359.64 points or 0.51%; the Nifty index was at 21,352.60 points, down 101.40 points or 0.47%.
January 26 is Republic Day and the market is closed.
Stock market trends this week
Analysts said the mid-term budget, U.S. federal policy decisions and quarterly earnings will be the main drivers for stocks, which may also see some consolidation this week.
In addition, investors will also monitor foreign investor trading activity and global trends for further clues.
On the macroeconomic front, manufacturing PMI (purchasing managers index) data is scheduled to be released on Thursday.
2024 budget dates
Finance Minister Nirmala Sitharaman will present the medium-term budget 2024-25 on Thursday, February 1. The Federal Open Market Committee meeting will be held on January 30-31.
quarterly results
Adani Green Energy, Bajaj Finance, Bajaj Finserv, Maruti Suzuki India, Titan and InterGlobe Aviation will report quarterly earnings this week.
Angel One technical analyst Rajesh Bhosale said this week is crucial as it aligns with key budget events that usually set market direction.
Last week, the BSE benchmark fell by 982.56 points, or 1.37%; the Nifty index fell by 269.8 points, or 1.24%.
“As the budget is interim in nature, no major announcements are expected. Instead, we expect the budget to focus more on retaining a growth roadmap with a certain populist undertone,” according to a report from Axis Securities.
“Budget, earnings and Fed policy will keep the market on alert,” said Santosh Meena, head of research at Swastika Investmart Ltd.
Mina said this week will be a critical one with a series of major events taking place and the budget will take center stage.
He further said that in addition to domestic factors, the market will also be affected by the global pattern, including geopolitical developments and trends in U.S. bond yields, the U.S. dollar index and crude oil prices.
(with PTI input)
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