Stock markets set to open flat amid mixed global indices


Trends on the SGX Nifty point to a cautious open for the broader index in India. Indian markets could open flat in line with mixed Asian markets today and despite a slight rise in US markets on Wednesday, said Deepak Jasani, Head-Retail Research, HDFC Securities.

Mohit Nigam, Head – PMS, Hem Securities, said: “Benchmarks are likely to open flat to negative as trends on SGX Nifty suggest. US equity markets closed higher on Wednesday, NASDAQ added 71 points, followed by an Alphabet, the parent company of Google.European indices also closed on a positive note on Wednesday.Asian markets showed signs of a mix in early trading, as there are concerns over Global growth and geopolitical tensions Nikkei down 1% and Kospi up 1.0% Oil prices rise Wednesday after OPEC+ stuck to its plans for a moderate production increase. “

On the technical front, 17,680 and 17,900 are immediate support and resistance in Nifty 50. For Bank Nifty, 38,700 and 39,900 are immediate support and resistance respectively, Nigam added.

After three straight days of gains, Nifty may consolidate/correct a bit over the next few days, even as REITs firm up their view on Indian markets post budget. 17,812-17,879 could be near-term Nifty resistance while 17,617 is support, Jasani said

Nifty rose for the third consecutive session on February 2, helped by positive reactions to the Union budget presented on February 1. At the close, Nifty was up 1.16% or 203.1 points at 17,780.

Actions to watch

ITC, Titan, Gail, Lupin, AB Capital, Adani power, Godrej properties, HCC, Jk Tyre, PI Industries, Torrent Power, Radico Khaitan, Welspun India whose quarterly results will be published today.

Trade in Asia-Pacific markets is mixed

Asia-Pacific markets traded mixed on Thursday amid lingering concerns over global growth and lingering geopolitical tensions. The rally in global equities faltered on Thursday after disappointing results from tech leaders. A number of major markets, including those on the Chinese mainland and Hong Kong, remain closed during the Lunar New Year holiday.

US stocks close higher

U.S. stocks ended near session highs on Wednesday, building on recent gains in equities as investors look to a big slate of earnings on deck from the communications and technology sectors. Investors continued their stock-buying streak on Wednesday, with the S&P 500 leading major equity benchmarks to a fourth straight session of gains, as investors awaited a deluge of quarterly results from some of the world’s biggest companies. technology and technology-related sectors of the market.

US private company slashes employment by 301,000 jobs

Private US companies slashed employment by 301,000 jobs in January – the biggest drop since the start of the pandemic – as a record wave of omicrons kept people out of work and delayed hiring plans. Economists interviewed by The Wall Street Journal predicted a gain of 200,000.

Eurozone inflation

Record eurozone inflation of 5.1% in January defied expectations for a decline to 4.4%, sending German government bond yields to multi-year highs and the euro higher.

Participation in FPI decreases over 2 sessions

Participation in the REIT has fallen over the past two sessions, which is reflected in lower volumes. The anticipated rate of decline is strongly positive, however, suggesting broad participation amid a halt in large REIT sales.

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Posted: Thursday 03 February 2022, 08:36 IST


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