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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 5, 2024

Before Market Opens: 9 essential things to know at 9 am on February 5, 2024

Before Market Opens: Indian markets are likely to open lower on Monday following losses in Asian peers after the US jobs report crushed hopes of a US Fed rate cut. Gift Nifty was trading 43 points lower, indicating a weak start for Nifty. Let's take a look at key cues before the market opens today:

US stocks ended sharply higher on Friday and the S&P 500 registered an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy, even while lowering the likelihood that the Federal Reserve will cut interest rates any time soon. The rally capped a tumultuous week filled with high profile earnings, a Fed rate decision, and renewed jitters over regional banking weakness. Solid quarterly results from Meta Platforms, opens new tab and Amazon.com, opens new tab helped boost the S&P 500 index, opens new tab and the Nasdaq Composite Index, opens new tab over 1%, while the blue-chip Dow Jones Industrial Average's, opens new tab gain was more muted. All three major US stock indexes notched their fourth consecutive weekly gains. The S&P 500 climbed 1.07 percent to end the session at 4,958.61 points. The Nasdaq gained 1.74 percent to 15,628.95 points while Dow Jones Industrial Average rose 0.35 percent to 38,654.42 points. (REUTERS)

1/9US stocks ended sharply higher on Friday and the S&P 500 registered an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy, even while lowering the likelihood that the Federal Reserve will cut interest rates any time soon. The rally capped a tumultuous week filled with high profile earnings, a Fed rate decision, and renewed jitters over regional banking weakness. Solid quarterly results from Meta Platforms, opens new tab and Amazon.com, opens new tab helped boost the S&P 500 index, opens new tab and the Nasdaq Composite Index, opens new tab over 1%, while the blue-chip Dow Jones Industrial Average's, opens new tab gain was more muted. All three major US stock indexes notched their fourth consecutive weekly gains. The S&P 500 climbed 1.07 percent to end the session at 4,958.61 points. The Nasdaq gained 1.74 percent to 15,628.95 points while Dow Jones Industrial Average rose 0.35 percent to 38,654.42 points. (REUTERS)

Asian shares fell on Monday and the dollar climbed after a robust U.S. jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve, while stocks in China stocks remained on the back foot on weak sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan slid 1% at the start of the week. The index is down 4.5% so far in the year. Japan's Nikkei rose 0.5%. The focus in Asia has been on slumping Chinese stocks as investor sentiment remains rock-bottom. China's securities regulator vowed to prevent abnormal market fluctuation on Sunday, but announced no specific measures. China's blue-chip index eased 0.12%, having touched a fresh five-year low last week. Hong Kong's Hang Seng Index fell 0.5% in early trading. 

2/9Asian shares fell on Monday and the dollar climbed after a robust U.S. jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve, while stocks in China stocks remained on the back foot on weak sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan slid 1% at the start of the week. The index is down 4.5% so far in the year. Japan's Nikkei rose 0.5%. The focus in Asia has been on slumping Chinese stocks as investor sentiment remains rock-bottom. China's securities regulator vowed to prevent abnormal market fluctuation on Sunday, but announced no specific measures. China's blue-chip index eased 0.12%, having touched a fresh five-year low last week. Hong Kong's Hang Seng Index fell 0.5% in early trading. 

At 8:20 am, the GIFT Nifty was trading 43 points or 0.2 percent lower at 21,916, indicating a weak opening for the Indian markets. 

3/9At 8:20 am, the GIFT Nifty was trading 43 points or 0.2 percent lower at 21,916, indicating a weak opening for the Indian markets. 

On Friday, the Indian stock market indices ended with substantial gains propelled by robust buying in energy and IT heavyweights.The Sensex jumped 440.33 points, or 0.61% to close at 72,085.63, while the Nifty 50 settled 156.35 points, or 0.72%, higher at 21,853.80.

4/9On Friday, the Indian stock market indices ended with substantial gains propelled by robust buying in energy and IT heavyweights.The Sensex jumped 440.33 points, or 0.61% to close at 72,085.63, while the Nifty 50 settled 156.35 points, or 0.72%, higher at 21,853.80.

Oil prices stabilised in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the U.S. planned new strikes on Iran-backed groups. Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel. (REUTERS)

5/9Oil prices stabilised in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the U.S. planned new strikes on Iran-backed groups. Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel. (REUTERS)

State Bank of India (SBI) on February 3 reported its Q3 standalone net profit at  <span class='webrupee'>₹</span>9,164 crore, a decline of 35% in the December quarter, the company said in a stock exchange filing. SBI's net profit for the October-December quarter was weighed down by higher operating expenses, it added. In the first nine months of FY24, the bank's profit stood at  <span class='webrupee'>₹</span>40,378 crore, marking a 20.40% increase compared to the same period in the previous fiscal year, which reported  <span class='webrupee'>₹</span>33,538 crore.  (REUTERS)

6/9State Bank of India (SBI) on February 3 reported its Q3 standalone net profit at 9,164 crore, a decline of 35% in the December quarter, the company said in a stock exchange filing. SBI's net profit for the October-December quarter was weighed down by higher operating expenses, it added. In the first nine months of FY24, the bank's profit stood at 40,378 crore, marking a 20.40% increase compared to the same period in the previous fiscal year, which reported 33,538 crore.  (REUTERS)

Foreign institutional investors (FIIs) net bought shares worth  <span class='webrupee'>₹</span>70.69 crore, while domestic institutional investors (DIIs) purchased  <span class='webrupee'>₹</span>2,463.16 crore worth of stocks on February 2, provisional data from the NSE showed.

7/9Foreign institutional investors (FIIs) net bought shares worth 70.69 crore, while domestic institutional investors (DIIs) purchased 2,463.16 crore worth of stocks on February 2, provisional data from the NSE showed.

The rupee surrendered early gains to settle flat at 82.98 against the US dollar on Friday, as a rise in crude oil prices negated the positive sentiment on strong domestic equities and a weak greenback overseas. Overall, the interim Budget 2024-25, especially the focus on fiscal prudence, has left a positive impact on the domestic currency, forex traders said. At the interbank foreign exchange market, the local unit opened at 82.91 against the greenback. The unit hit an intraday high of 82.82 and a low of 82.98. The local unit finally settled flat at 82.98 against the dollar.

8/9The rupee surrendered early gains to settle flat at 82.98 against the US dollar on Friday, as a rise in crude oil prices negated the positive sentiment on strong domestic equities and a weak greenback overseas. Overall, the interim Budget 2024-25, especially the focus on fiscal prudence, has left a positive impact on the domestic currency, forex traders said. At the interbank foreign exchange market, the local unit opened at 82.91 against the greenback. The unit hit an intraday high of 82.82 and a low of 82.98. The local unit finally settled flat at 82.98 against the dollar.

US Federal Reserve Chair Jerome Powell said that the central bank remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May. In an interview to the CBS news program 60 Minutes, Powell also said that the Fed can be ‘prudent’ in deciding when to cut its benchmark interest rate, with a strong economy allowing central bankers time to build confidence inflation will continue falling.

9/9US Federal Reserve Chair Jerome Powell said that the central bank remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May. In an interview to the CBS news program 60 Minutes, Powell also said that the Fed can be ‘prudent’ in deciding when to cut its benchmark interest rate, with a strong economy allowing central bankers time to build confidence inflation will continue falling.

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