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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 1, 2024, ahead of the Union Budget

Before Market Opens: 9 essential things to know at 9 am on February 1, 2024, ahead of the Union Budget

Before Market Opens: Markets are likely to open higher on Thursday following a fall in global peers after the US Fed held rates while dashing hopes for a rate cut in March. Meanwhile, investors are also likely to focus on the Interim Budget, later today. Let's take a look at key cues before opening:

US stocks tumbled on the last trading day in January after the Federal Reserve held interest rates steady while dashing hopes for interest rate cut as soon as March. The three major US stock indices were already weighed down by weakness in tech and tech-adjacent megacap stocks the day after disappointing Alphabet results. All three extended losses after the Fed's announcement and Chair Jerome Powell's subsequent press conference. The S&P 500 closed with its steepest daily loss since September 21. All three indices still notched gains for the month. As expected, the Federal Open Markets Committee (FOMC) left its key policy rate unchanged at 5.25-5.50 percent against a backdrop of gradually cooling inflation and a resilient economy. The Dow Jones Industrial Average fell 317.01 points, or 0.82 percent, to 38,150.30, the S&P 500 lost 79.32 points, or 1.61 percent, to 4,845.65 and the Nasdaq Composite lost 345.88 points, or 2.23 percent, to 15,164.01. (REUTERS)

1/9US stocks tumbled on the last trading day in January after the Federal Reserve held interest rates steady while dashing hopes for interest rate cut as soon as March. The three major US stock indices were already weighed down by weakness in tech and tech-adjacent megacap stocks the day after disappointing Alphabet results. All three extended losses after the Fed's announcement and Chair Jerome Powell's subsequent press conference. The S&P 500 closed with its steepest daily loss since September 21. All three indices still notched gains for the month. As expected, the Federal Open Markets Committee (FOMC) left its key policy rate unchanged at 5.25-5.50 percent against a backdrop of gradually cooling inflation and a resilient economy. The Dow Jones Industrial Average fell 317.01 points, or 0.82 percent, to 38,150.30, the S&P 500 lost 79.32 points, or 1.61 percent, to 4,845.65 and the Nasdaq Composite lost 345.88 points, or 2.23 percent, to 15,164.01. (REUTERS)

The US Federal Reserve on Wednesday decided to keep interest rates unchanged for the fourth straight meeting, as was widely expected. The Federal Open Market Committee (FOMC) unanimously voted to hold the policy rate at the 23-year high, in the range of 5.25% - 5.50%. This was the US central bank’s first policy-setting meeting of the year 2024. However, the Fed dashed hopes for an interest rate cut as early as March. It indicated it was moving toward future cuts, but probably not before May at the earliest.  Fed Chair Jerome Powell said that ‘almost everyone’ on the 19-person FOMC was in favor of a cut in 2024, but that move was unlikely as soon as the next meeting in March. (Bloomberg<br />)

2/9The US Federal Reserve on Wednesday decided to keep interest rates unchanged for the fourth straight meeting, as was widely expected. The Federal Open Market Committee (FOMC) unanimously voted to hold the policy rate at the 23-year high, in the range of 5.25% - 5.50%. This was the US central bank’s first policy-setting meeting of the year 2024. However, the Fed dashed hopes for an interest rate cut as early as March. It indicated it was moving toward future cuts, but probably not before May at the earliest.  Fed Chair Jerome Powell said that ‘almost everyone’ on the 19-person FOMC was in favor of a cut in 2024, but that move was unlikely as soon as the next meeting in March. (Bloomberg
)

Asian shares faltered on Thursday after Wall Street took a late spill, while investors stuck to bets for sizable cuts in U.S. interest rates this year even if the kick off might now be a little later than first hoped. The choppy trading left Asian markets cautious and MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3%. Japan's Nikkei eased 0.5% as the yen gained, while South Korea bounced 0.7% as a survey showed factory activity growing for the first time in 19 months. Chinese blue chips eased 0.4%, still smarting from a disappointing January factory survey.

3/9Asian shares faltered on Thursday after Wall Street took a late spill, while investors stuck to bets for sizable cuts in U.S. interest rates this year even if the kick off might now be a little later than first hoped. The choppy trading left Asian markets cautious and MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3%. Japan's Nikkei eased 0.5% as the yen gained, while South Korea bounced 0.7% as a survey showed factory activity growing for the first time in 19 months. Chinese blue chips eased 0.4%, still smarting from a disappointing January factory survey.

On Wednesday, Frontline indices the Nifty 50 and the Sensex clocked strong gains ahead of the Interim Budget 2024 and the US Fed meet outcome. The Sensex jumped 612.21 points, or 0.86%, to close at 71,752.11, while the Nifty 50 settled 203.60 points, or 0.95%, higher at 21,725.70. The overall market capitalisation of BSE-listed firms rose to nearly  <span class='webrupee'>₹</span>379.7 lakh crore against  <span class='webrupee'>₹</span>375.2 lakh crore in the previous session, making investors richer by nearly  <span class='webrupee'>₹</span>4.5 lakh crore in a single session. (iStock)

4/9On Wednesday, Frontline indices the Nifty 50 and the Sensex clocked strong gains ahead of the Interim Budget 2024 and the US Fed meet outcome. The Sensex jumped 612.21 points, or 0.86%, to close at 71,752.11, while the Nifty 50 settled 203.60 points, or 0.95%, higher at 21,725.70. The overall market capitalisation of BSE-listed firms rose to nearly 379.7 lakh crore against 375.2 lakh crore in the previous session, making investors richer by nearly 4.5 lakh crore in a single session. (iStock)

At 8:20 am, the GIFT Nifty was trading 29 points or 0.13 percent higher at 21,823, indicating a positive opening for the Indian markets. 

5/9At 8:20 am, the GIFT Nifty was trading 29 points or 0.13 percent higher at 21,823, indicating a positive opening for the Indian markets. 

Interim Budget 2024-2025, to be announced later today, is going to be a Vote on Account tabled by Finance Minister Nirmala Sitharaman ahead of Lok Sabha Elections. Market experts do not expect major announcements in the Interim Budget, however, there are expectations that the government will continue its focus on fiscal consolidation and capital expenditure to maintain the momentum of growth.  (PTI Photo/Atul Yadav)

6/9Interim Budget 2024-2025, to be announced later today, is going to be a Vote on Account tabled by Finance Minister Nirmala Sitharaman ahead of Lok Sabha Elections. Market experts do not expect major announcements in the Interim Budget, however, there are expectations that the government will continue its focus on fiscal consolidation and capital expenditure to maintain the momentum of growth.  (PTI Photo/Atul Yadav)

Paytm on 1 February issued a statement and said that it would take steps immediately to comply with the RBI's directions ordered on Paytm Payments Bank. As a result, the company said that it expects to have a worst-case impact of  <span class='webrupee'>₹</span>300 to 500 crores on its annual EBITDA going forward. However, it expects to continue on its trajectory to improve its profitability. The Reserve Bank of India (RBI) on 31 January ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets from March. The restrictions imposed came following a system audit report and subsequent compliance validation report of external auditors.

7/9Paytm on 1 February issued a statement and said that it would take steps immediately to comply with the RBI's directions ordered on Paytm Payments Bank. As a result, the company said that it expects to have a worst-case impact of 300 to 500 crores on its annual EBITDA going forward. However, it expects to continue on its trajectory to improve its profitability. The Reserve Bank of India (RBI) on 31 January ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets from March. The restrictions imposed came following a system audit report and subsequent compliance validation report of external auditors.

Global oil prices climbed in early trade on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Brent crude futures rose 46 cents, or 0.6%, to $81.03 a barrel and U.S. West Texas Intermediate crude futures gained 47 cents, or 0.6%, to $76.33 at 0140 GMT, after falling by more than $2 a barrel in the previous session. (REUTERS)

8/9Global oil prices climbed in early trade on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Brent crude futures rose 46 cents, or 0.6%, to $81.03 a barrel and U.S. West Texas Intermediate crude futures gained 47 cents, or 0.6%, to $76.33 at 0140 GMT, after falling by more than $2 a barrel in the previous session. (REUTERS)

Foreign institutional investors (FIIs) net bought shares worth  <span class='webrupee'>₹</span>1,660.72 crore, while domestic institutional investors (DIIs) purchased  <span class='webrupee'>₹</span>2,542.93 crore worth of stocks on January 31, provisional data from the NSE showed.

9/9Foreign institutional investors (FIIs) net bought shares worth 1,660.72 crore, while domestic institutional investors (DIIs) purchased 2,542.93 crore worth of stocks on January 31, provisional data from the NSE showed.

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