Indian markets are likely to start the day in the red, snapping 3 straight sessions of gains following mixed trends in global peers. At 8:25 am, the SGX Nifty was trading 66 points or 0.37 percent lower around 17,793, indicting a negative start for the Indian indices.
The Indian markets rose for the third straight session, ending at two-week highs Wednesday on the back of a 'growth-oriented' budget. The 30-scrip Sensex ended 695 points higher at 59,558 while the Nifty50 index gained 203 points to settle at 17,780.
Let's take a look at some key market cues before the market opens today:
US markets ended higher on Wednesday extending gains for a fourth straight day, boosted by upbeat earnings from Alphabet and Advanced Micro Devices. All the Wall Street indices ended between 0.5-1 percent higher for the day. However, the US futures were trading lower after a positive session for the cash market.
Asian markets were trading mixed on Thursday on global growth concerns as well as ongoing geopolitical tensions. While the MSCI's broadest index of Asia Pacific shares outside Japan was up 0.3 percent, Japan's Nikkei 225 fell 1.2 percent. South Korea's KOSPI was up 2.1 percent, and Singapore's Straits Times was up 1.8 percent. Several markets, including China and Hong Kong, remained shut for the Lunar New Year holidays.
Oil prices eased on Thursday following weak U.S. payrolls data and some profit-taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases. Brent crude fell 37 cents, or 0.4%, to $89.10 a barrel by 0127 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was down 54 cents, or 0.6%, at $87.72 a barrel, having gained 6 cents the previous day, reported Reuters.
At 8:25 am, the SGX Nifty was trading 66 points or 0.37 percent lower around 17,793, indicating a negative start for the Indian indices.
The rupee pared early gains to settle on a flat note at 74.83 (provisional) against the US dollar on Wednesday.
Gold prices in India declined on Wednesday. On MCX, gold fell to ₹47,768 per 10 gram, down about ₹1,300 from last week's high of ₹49,000. Meanwhile, Silver futures rose 0.5 percent to ₹61,645 per kg.
Major firms like Titan Company, GAIL (India), Lupin, ITC, Adani Power, Kalyan Jewellers India, Cadila Healthcare, Torrent Power, Godrej Properties, Jubilant Industries, Pfizer, etc. will release their December quarter earnings.
The government is likely to file draft papers for the mega initial public offering of LIC with market regulator Sebi by next week, while a portion of the issue would be reserved for anchor investors, a top official said on Wednesday. In an interview with PTI, Tuhin Kanta Pandey, Secretary to the Department of Investment and Public Asset Management (DIPAM), said approval of the insurance regulator is awaited, post which the draft prospectus, detailing the size of the share sale, will be filed.
FII/DII activity: As per the depository data, foreign investors turned net sellers, withdrawing ₹183.6 crore from Indian equities on Wednesday. However, domestic institutional investors bought equities worth ₹426 crore.