Indian markets are likely to start the day in the red following negative trends in SGX Nifty. At 8:25 am, the SGX Nifty was trading 68 points or 0.4 percent lower around 17,588, indicating a negative start for the Indian indices. Investors awaited for the RBI Policy due on Feb 9 as well as more quarterly results from India Inc for cues
The Indian markets ended lower on Friday dragged by weakness in financial, auto and realty stocks. BSE Sensex fell 143 points to settle at 58,645, while the broader 50-share NSE Nifty50 dropped 44 points to close at 17,516.
Let's take a look at some key market cues before the market opens today:
US markets ended on a mixed note on Friday after a choppy session, after Amazon's positive earnings lead to a rise in tech stocks. The S&P 500 rose 0.5 percent and the technology stocks-heavy Nasdaq Composite surged 1.6 percent, though the Dow Jones slipped 0.1 percent.
Asian share markets mostly eased on Monday after stunningly strong U.S. jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve.
Oil prices were up near seven-year highs amid concerns about supply given by frigid US weather and ongoing political turmoil among major world producers. Brent added another 32 cents to $92.97 a barrel, while US crude rose 42 cents to $91.89.
At 8:25 am, the SGX Nifty was trading 68 points or 0.4 percent lower around 17,588, indicating a negative start for the Indian indices.
The rupee surged 18 paise to close at 74.70 (provisional) against the US dollar on Friday tracking the weakness of the American currency in the overseas market.
Gold futures fell sharply on Friday amid steady international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 1.77 percent lower at ₹47,000, compared to the previous close of ₹47,849.
Firms like TVS Motor, JM Financial, NALCO, Union Bank of India, Indian Bank, etc. are likely to report their December quarter earnings during the day.
RBI Policy Review
Investors cautiously await the Monetary Policy Review later this week as the US Fed signaling a rise in interest rates as well as the rise in inflation may lead to a hike in rate by the RBI in the monetary policy review later this week.
Depositories data shows foreign institutional investors (FIIs) net sold Indian equities worth ₹2,267.9 crore on Friday. Domestic institutional investors (DIIs) made net purchases of ₹622 crore.