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Business News/ Markets / Stock Markets/  Before Market Opens: 9 essential things to know at 9 am on February 2, 2024

Before Market Opens: 9 essential things to know at 9 am on February 2, 2024

Before Market Opens: Indian markets are likely to open flat on Friday despite gains in global peers after the Interim budget failed to cheer investors back home. Gift Nifty was down 2 points, indicating a muted start for Nifty. Let's take a look at some key cues before the market opens today:

U.S. stocks rebounded on Thursday as investors looked to a spate of high-profile earnings and the Friday's employment report a day after the Federal Reserve quashed lingering bets that interest rate cuts could begin as early as March. While a broad rally sent all three major U.S. stock indexes sharply higher, the tech-laden Nasdaq advanced the most. The S&P 500 climbed 1.25% to end the session at 4,906.19 points. The Nasdaq gained 1.30% to 15,361.64 points, while Dow Jones Industrial Average rose 0.97% to 38,519.84 points. (REUTERS)

1/9U.S. stocks rebounded on Thursday as investors looked to a spate of high-profile earnings and the Friday's employment report a day after the Federal Reserve quashed lingering bets that interest rate cuts could begin as early as March. While a broad rally sent all three major U.S. stock indexes sharply higher, the tech-laden Nasdaq advanced the most. The S&P 500 climbed 1.25% to end the session at 4,906.19 points. The Nasdaq gained 1.30% to 15,361.64 points, while Dow Jones Industrial Average rose 0.97% to 38,519.84 points. (REUTERS)

Asian shares were buoyed by a late bounce in U.S. tech on Friday as results from Meta and Amazon beat expectations, while investors are bracing for U.S. jobs figures, which could hasten bets for rate cuts if they come in below forecast. Japan's Nikkei added 1%, bringing the weekly gain to 1.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan also gained 1.1% and was up 0.6% on the week. Hong Kong's Hang Seng index jumped 1.5% while China's bluechips eked out a modest gain of 0.1%.  (iStock)

2/9Asian shares were buoyed by a late bounce in U.S. tech on Friday as results from Meta and Amazon beat expectations, while investors are bracing for U.S. jobs figures, which could hasten bets for rate cuts if they come in below forecast. Japan's Nikkei added 1%, bringing the weekly gain to 1.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan also gained 1.1% and was up 0.6% on the week. Hong Kong's Hang Seng index jumped 1.5% while China's bluechips eked out a modest gain of 0.1%.  (iStock)

At 8:20 am, the GIFT Nifty was trading 2 points or 0.01 percent lower at 21,903, indicating a muted opening for the Indian markets. 

3/9At 8:20 am, the GIFT Nifty was trading 2 points or 0.01 percent lower at 21,903, indicating a muted opening for the Indian markets. 

On Thursday, the Indian stock market indices ended lower after the Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 for the financial year FY25. The government continued to focus on consolidating the fiscal deficit and investing in infrastructure. The Sensex declined 106.81 points, or 0.15%, to close at 71,645.30, while the Nifty 50 settled 28.25 points, or 0.13%, lower at 21,697.45.

4/9On Thursday, the Indian stock market indices ended lower after the Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 for the financial year FY25. The government continued to focus on consolidating the fiscal deficit and investing in infrastructure. The Sensex declined 106.81 points, or 0.15%, to close at 71,645.30, while the Nifty 50 settled 28.25 points, or 0.13%, lower at 21,697.45.

The sixth budget presented by the current Finance Minister in the Modi-led government's second term highlighted fiscal consolidation, infrastructure, agriculture, green growth, and railways. However, no changes were made in tax rates, disappointing salaried individuals. The Fiscal Deficit target for FY25 exceeded expectations at 5.1 percent of the GDP, with the FY24 target revised down to 5.8 percent. The FY25 capex target was raised by 11.1 percent to  <span class='webrupee'>₹</span>11.1 lakh crore, indicating a focus on robust capital expenditure. The complete budget is slated for July post the formation of the new government after the Lok Sabha Elections.

5/9The sixth budget presented by the current Finance Minister in the Modi-led government's second term highlighted fiscal consolidation, infrastructure, agriculture, green growth, and railways. However, no changes were made in tax rates, disappointing salaried individuals. The Fiscal Deficit target for FY25 exceeded expectations at 5.1 percent of the GDP, with the FY24 target revised down to 5.8 percent. The FY25 capex target was raised by 11.1 percent to 11.1 lakh crore, indicating a focus on robust capital expenditure. The complete budget is slated for July post the formation of the new government after the Lok Sabha Elections.

Gold prices edged lower on Thursday, weighed by a stronger dollar after the Federal Reserve resisted the idea of a rate cut in March, but bullion held its ground as investors continued to cling to the hope that interest rates would be trimmed later this year. Spot gold slipped 0.2% at $2,033.09 per ounce by 1250 GMT. U.S. gold futures fell 0.8% to $2,050.00.

6/9Gold prices edged lower on Thursday, weighed by a stronger dollar after the Federal Reserve resisted the idea of a rate cut in March, but bullion held its ground as investors continued to cling to the hope that interest rates would be trimmed later this year. Spot gold slipped 0.2% at $2,033.09 per ounce by 1250 GMT. U.S. gold futures fell 0.8% to $2,050.00.

Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, clawing back some losses from the previous trading session triggered by unsubstantiated ceasefire reports between Israel and Hamas. Brent crude futures rose 50 cents, or 0.6%, to $79.20 a barrel at 0155 GMT, while U.S. West Texas Intermediate crude futures gained 40 cents, or 0.5%, to $74.22 a barrel. Both contracts settled more than 2% lower on Thursday due to the unverified ceasefire reports between Israel and Hamas. (REUTERS)

7/9Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, clawing back some losses from the previous trading session triggered by unsubstantiated ceasefire reports between Israel and Hamas. Brent crude futures rose 50 cents, or 0.6%, to $79.20 a barrel at 0155 GMT, while U.S. West Texas Intermediate crude futures gained 40 cents, or 0.5%, to $74.22 a barrel. Both contracts settled more than 2% lower on Thursday due to the unverified ceasefire reports between Israel and Hamas. (REUTERS)

Foreign institutional investors (FIIs) net sold shares worth  <span class='webrupee'>₹</span>1,879.58 crore, while domestic institutional investors (DIIs) purchased  <span class='webrupee'>₹</span>872.49 crore worth of stocks on February 1, provisional data from the NSE showed.

8/9Foreign institutional investors (FIIs) net sold shares worth 1,879.58 crore, while domestic institutional investors (DIIs) purchased 872.49 crore worth of stocks on February 1, provisional data from the NSE showed.

The Indian rupee ended higher for the third straight session against the US dollar on February 1. The gains were after the government announcement of cutting the fiscal deficit target in the budget, which was presented by FM Nirmala Sitharaman. The home currency ended at 82.98 a dollar, up 0.08 percent from its previous close of 83.04.

9/9The Indian rupee ended higher for the third straight session against the US dollar on February 1. The gains were after the government announcement of cutting the fiscal deficit target in the budget, which was presented by FM Nirmala Sitharaman. The home currency ended at 82.98 a dollar, up 0.08 percent from its previous close of 83.04.

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