Advertisement

Updated February 5th, 2024 at 08:23 IST

Indian stocks to open steady as US jobs data impacts global sentiment

As of 7:55 am, the GIFT Nifty was trading at 21,919 points, suggesting a near-flat opening around the Friday close of 21,853.80.

Business Desk
Sensex
Sensex | Image:Republic
Advertisement

Indian shares to open flat: Indian equities are set to open with marginal changes on Monday following the previous session's record high for the Nifty 50. 

As of 7:55 am, the GIFT Nifty was trading at 21,919 points, suggesting a near-flat opening around the Friday close of 21,853.80. 

Advertisement

Stronger-than-expected US jobs data has tempered expectations of an imminent rate cut by the Federal Reserve, influencing Asian markets.

Asian stocks declined after January's US non-farm payrolls exceeded expectations, underscoring a resilient US economy and diminishing prospects of an early Fed rate cut.

Advertisement

The probability of a Fed rate pause in March surged from 52.3 per cent a week ago to 84.5 per cent, as indicated by CMEGroup's FedWatch tool.

Santosh Pandey, President, and Head of Nuvama Professional Clients Group, commented on the likelihood of US rate cuts, stating that while there is a possibility later in the year, it is more likely to occur in the second half.

Advertisement

The Nifty 50 achieved an all-time high for the fifth time in 2024 on Friday, driven by gains in Reliance and IT stocks. 

Positive sentiment was further boosted by the government's fiscal prudence highlighted in the budget.

Advertisement

Foreign institutional investors (FIIs) bought a net 70.7 crore worth of shares on Friday, while domestic institutional investors (DII) added stocks worth Rs 2,463 crore on a net basis, as per exchange data.

Key earnings announcements on Monday include Ashok Leyland, Bharti Airtel, and Varun Beverages.

Advertisement

Stocks to watch 

Interglobe Aviation: The airline company posted a rise in third-quarter profit on strong demand.

Advertisement

UPL: The agrochemical company reported a quarterly loss on weak demand and destocking woes.

Tata Motors: The company reported higher-than-expected net profit in the December quarter, helped by strong sales in its British luxury car unit, Jaguar Land Rover.

Advertisement

(With Reuters Inputs)

Advertisement

Published February 5th, 2024 at 08:09 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo