SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 268 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading sharply lower on Friday following an overnight drop on Wall Street as a rapid rise in bond yields rattled investor sentiment.

Japan's industrial output rose for the first time in three months in January. Official data released on Friday showed factory output advanced 4.2% in January, boosted by sharp rises in production of electronic parts and general-purpose machinery, as well as a smaller increase in car output.

U.S. stocks dropped sharply Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names.

The major averages tumbled in a rapid fashion as the 10-year Treasury yield soared as high as 1.6% in a sudden move that some described as a “flash” spike. The yield later settled back down to around 1.52%, its highest level since February 2020.

The US economy grew at a 4.1% pace in the final three months of 2020, slightly faster than first estimated, ending a year in which the overall economy, ravaged by a global pandemic, shrank more than in any year in the past seven decades. The 4.1% gain in the gross domestic product — the broadest measure of economic health — is a slight upward revision from 4% growth in the first estimate released a month ago, the Commerce Department reported Thursday.

Domestic markets:

Back home, key benchmark indices ended with strong gains on Thursday, rising for the third consecutive session. The Nifty closed near 15,100 mark. Positive global cues boosted investors' sentiment. Trading was volatile as the February 2021 F&O contracts expiry. The barometer index, the S&P BSE Sensex, rallied 257.62 points or 0.51% at 51,039.31. The Nifty 50 index added 115.35 points or 0.77% at 15,097.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 188.08 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 746.57 crore in the Indian equity market on 25 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 195 points at the opening bell.

Trading could be volatile today as traders roll over positions in the F&O segment from the near month February series to March series. The February 2021 F&O contracts will expire today, 25 February 2021.

Global markets:

Overseas, Asian stocks are trading higher on Thursday after the Dow Jones Industrial Average surged to a record closing high overnight.

Shares on Wall Street ended higher on Wednesday, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell's comments calmed inflation worries.

The moves on Wall Street came as U.S. Federal Reserve Chair Jerome Powell continued to downplay the threat of inflation, saying it could take three years to reach the central bank's target consistently.

In Wednesday's testimony in front of the House Financial Services Committee, Powell said inflation could be volatile as the economy reopens and there's increased demand. Still, the Fed chair does not expect inflation to run hot and said the central bank has tools to combat it if it should.

On Wednesday, the Food and Drug Administration's staff endorsed Johnson & Johnson's single-shot Covid-19 vaccine for emergency use, bringing in a third vaccine to the U.S.

Domestic markets:

Back home, domestic equity benchmarks ended with robust gains in the extended trading session on Wednesday. The Nifty ended near the 15,000 mark. The barometer index, the S&P BSE Sensex, jumped 1,030.28 points or 2.07% to 50,781.69. The Nifty 50 index added 274.20 points or 1.86% to 14,982.

Foreign portfolio investors (FPIs) bought shares worth Rs 28,739.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 230.44 crore in the Indian equity market on 25 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 81 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors turned cautious, despite remarks overnight from Federal Reserve Chair Jerome Powell that attempted to ease some worries around higher interest rates and inflation.

Wall Street reversed course late Tuesday, with the S&P 500 and the Dow whipsawing to positive territory by the closing bell in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from a reopening economy.

Powell said in his testimony to U.S. Congress that the American economy is a long way from its employment and inflation goals and that it will likely take time for substantial further progress to be achieved. He added that inflation is still “soft” and that the Fed is committed to current policy.

Domestic markets:

Back home, the BSE Sensex ended almost flat, while the 50-unit Nifty ended with minor gains after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, rose 7.09 points or 0.01% to 49,751.41. The Nifty 50 index added 32.10 points or 0.22% to 14,707.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,569.04 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 216.67 crore in the Indian equity market on 23 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 93 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday, as investors monitored technology stocks regionally after their counterparts declined overnight on Wall Street. Markets in Japan are closed on Tuesday for a holiday.

In US, the S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.

The U.S. House of Representatives Budget Committee on Monday approved legislation with $1.9 trillion in new coronavirus relief, advancing a top priority of President Joe Biden toward a full House vote on passage expected later this week.

The measure passed the panel on a largely party-line vote of 19-16, as the U.S. death toll from the coronavirus pandemic surpassed the grim benchmark of 500,000 victims. Millions more have been left jobless by the pandemic.

All eyes will be on Federal Reserve Chairman Jerome Powell, who delivers his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday. His comments on rates and inflation could determine the market direction for the week.

On the pandemic front, the White House said that it expects to ship out millions of delayed coronavirus vaccine doses this week after a sweeping winter storm disrupted logistics. Gov. Andrew Cuomo said on Sunday that a New York resident has tested positive for the Covid-19 variant first identified in South Africa.

Domestic markets:

Back home, domestic shares plunged on Monday with the Nifty falling below the 14,700 mark. Rising COVID-19 cases and negative global cues spoiled sentiment. The barometer index, the S&P BSE Sensex, slumped 1,145.44 points or 2.25% to 49,744.32. The Nifty 50 index lost 306.05 points or 2.04% to 14,675.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 893.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 919.88 crore in the Indian equity market on 22 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday as China left its benchmark lending rate unchanged over the weekend.

China kept the one-year loan prime rate (LPR) unchanged at 3.85%, largely in line with expectations. The five-year LPR was also kept steady at 4.65%. The LPR is a lending reference rate set monthly by 18 banks.

Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.

The House of Representatives will try to pass a $1.9 trillion coronavirus relief plan before the end of February, Speaker Nancy Pelosi said Thursday. Democratic Congressional leaders may try to pass a package without votes from Republicans.

Domestic markets:

Back home, key domestic equity indices declined for fourth consecutive session on Friday, led by selling in banks and auto shares. Rising COVID-19 cases and mixed global cues triggered profit selling in domestic shares. The barometer index, the S&P BSE Sensex, dropped 434.93 points or 0.85% at 50,889.76. The Nifty 50 index lost 137.2 points or 0.91% at 14,981.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 118.75 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,174.98 crore in the Indian equity market on 19 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 78 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Friday following overnight declines for the major indexes on Wall Street.

Japan's core consumer prices declined 0.6% in January as compared with a year earlier, according to data released Friday by the country's Statistics Bureau.

U.S. stocks slid on Thursday as investors were discouraged by a worse-than-expected jobless claims reading as well as a weak forecast from Walmart.

Walmart shares dropped sharply after its fourth-quarter earnings fell short of estimates. The big-box retailer sees sales growth slowing this year as the pandemic momentum ebbs.

Meanwhile, the latest jobless claims number signaled a setback in the labor market recovery. First-time filings for unemployment insurance totaled 861,000 last week, the highest level in a month, the Labor Department reported Thursday.

Domestic markets:

Back home, domestic indices declined for third consecutive trading session on selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, dropped 379.14 points or 0.73% at 51,324.69. The Nifty 50 index fell 89.95 points or 0.59% at 15,118.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 903.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,217.34 crore in the Indian equity market on 18 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 40 points at the opening bell.

Global markets:

Overseas, Asian stocks were mixed on Thursday, as investors watched movements in mainland Chinese stocks as they returned from the Lunar New Year holiday. Lingering pandemic concerns pushed against stronger economic data, and with little firm direction from Wall Street.

In US, the Nasdaq closed lower while the S&P 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks.

Domestic markets:

Back home, domestic equity indices corrected on Wednesday as mixed global cues triggered profit selling. The S&P BSE Sensex, tumbled 400.34 points or 0.77% at 51,703.83. The Nifty 50 index lost 104.55 points or 0.68% at 15,208.90.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,008.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,283.38 crore in the Indian equity market on 17 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 72 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower Wednesday following an overnight dip for the S&P 500 stateside as investors grew concerned over rising bond yields. Markets in mainland China remain closed on Wednesday for the Lunar New Year holidays.

Japan's exports rose 6.4% in January as compared with a year earlier, according to trade statistics released Wednesday by the country's Ministry of Finance.

On Wall Street, the Dow hit an all-time high on Tuesday, while the S&P 500 and the Nasdaq retreated slightly from record levels, as investors bet on more fiscal aid to lift the world's biggest economy from a coronavirus-driven slump.

U.S. President Joe Biden was traveling to Wisconsin on Tuesday to press his case for a $1.9 trillion pandemic relief bill in the political battleground state that helped secure his victory in last year's presidential election.

Domestic markets:

Back home, domestic benchmark indices ended almost flat after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, declined 49.96 points or 0.10% at 52,104.17. The Nifty 50 index lost 1.25 points or 0.01% at 15,313.45.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,144.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,559.53 crore in the Indian equity market on 16 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could see flat start at the opening bell.

On the macro front, India's exports grew by 6.16% to $27.45 billion in January, according to data by the commerce ministry. Imports too grew by 2% to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review, the data showed.

Global markets:

Overseas, Asian stocks rose on Tuesday as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.

The mainland Chinese markets will remain closed for Lunar New Year through Wednesday. The U.S. stock market was closed on Monday for Presidents Day.

On the coronavirus front, the World Health Organization gave emergency use approval to AstraZeneca's Covid-19 vaccines on Monday, allowing distribution to some of the world's poorest countries to begin.

Domestic markets:

Back home, domestic benchmark indices ended with strong gains on Monday, boosted by strength in banks and financial shares. Positive domestic economic data and firm global cues supported buying. The barometer index, the S&P BSE Sensex, surged 609.83 points or 1.18% at 52,154.13. The Nifty 50 index rallied 151.40 points or 1% at 15,314.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,234.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,048.55 crore in the Indian equity market on 15 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 84 points at the opening bell.

India's retail inflation, which is measured by the Consumer Price Index (CPI), eased to 4.06% in the month of January 2021. The retail inflation during the month of December 2020 was at 4.59%.

Separately, the country's factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1% in December 2020, two separate data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed on Friday. The IIP had grown 0.4% in December 2019, the data showed.

Global markets:

Overseas, Asian stocks are trading higher on Monday, with multiple markets in North Asia closed for Lunar New Year holidays. Markets in China, Hong Kong, Taiwan as well as the U.S. are closed on Monday for holidays.

Government data released Monday showed Japan's economy growing 12.7% on an annualized basis between October and December last year.

In US, all three major stock indexes closed at record highs Friday, as investors eyed the prospect of more financial aid from Washington to boost the economic recovery, while coronavirus cases are falling and vaccine distribution ramps up.

Stocks inched higher helped by optimism about another large fiscal stimulus package from Congress, as the coronavirus vaccination rollout picks up steam, and as quarterly corporate earnings reports impressed analysts.

Domestic markets:

Back home, domestic equity benchmarks ended near the flat line after a volatile day on Friday. The barometer index, the S&P BSE Sensex, rose 12.78 points or 0.02% to 51,544.30. The Nifty 50 index lost 10 points or 0.07% to 15,163.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 37.33 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 597.62 crore in the Indian equity market on 12 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.

Global markets:

Overseas, Asian stocks were trading on a mixed note on Thursday as multiple major markets in the region were closed for holidays. Markets in China, Japan, South Korea and Taiwan were closed for holidays.

In US, the Nasdaq and S&P 500 eked out modest gains on Thursday with investors betting on more fiscal stimulus, but U.S. President Joe Biden said China was poised to “eat our lunch,” a warning that tempered enthusiasm for a market near record highs. The Dow Jones Industrial Average ended near the flatline.

Federal Reserve Chairman Jerome Powell said Wednesday that the economy faces challenges in the labor market, and so monetary policy needs to stay “patiently accommodative.” In remarks at the Economic Club of New York, Powell said the employment picture is a “long way” from where it needs to be.

The number of Americans filing new applications for unemployment benefits inched down last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 793,000 for the week ended February 6, compared to 812,000 in the prior week, the Labor Department said on Thursday.

Domestic markets:

Back home, domestic equity benchmarks ended near the day's high on Thursday. The barometer index, the S&P BSE Sensex, rose 222.13 points or 0.43% to 51,531.52. The Nifty 50 index gained 66.80 points or 0.44% to 15,173.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 944.36 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 707.68 crore in the Indian equity market on 11 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 76 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Thursday as multiple major markets in the region are closed for holidays. Markets in China, Japan, South Korea and Taiwan are closed for holidays.

In US, the S&P 500 and the Nasdaq edged slightly lower on Wednesday as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs. The S&P 500 and Nasdaq both opened at record highs but soon drifted lower, while the Dow set a new peak during the session.

House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills. President Joe Biden and Treasury Secretary Janet Yellen met with CEOs of JPMorgan, Walmart and Gap Tuesday to discuss additional economic relief.

In economic developments, U.S. Federal Reserve Chairman Jerome Powell said Wednesday that policy will need to stay “patiently accommodative.” The Fed chair said the U.S. is “a long way” from where it needs to be in terms of employment despite the economy having reclaimed more than 12 million jobs since the early days of the Covid pandemic.

Domestic markets:

Back home, the domestic equity benchmarks ended almost flat after a volatile session on Wednesday. The barometer index, the S&P BSE Sensex, slipped 19.69 points or 0.04% to 51,309.39. The Nifty 50 index lost 2.80 points or 0.02% to 15,106.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,786.97 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,075.68 crore in the Indian equity market on 10 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 46 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday. China's consumer inflation declined in January, according to the country's National Bureau of Statistics which reported the consumer price index slipped 0.3% from a year ago. The NBS also reported the producer price index rose 0.3% year over year in January.

In US, Nasdaq extended their runs to fresh highs on Tuesday, as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.

Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills.

President Joe Biden on Tuesday met with Treasury Secretary Janet Yellen and the chief executives of some of the country's largest businesses in the Oval Office to discuss his $1.9 trillion stimulus plan and the outlook for the economy.

Domestic markets:

Back home, domestic equity benchmarks reversed intraday gains and ended almost flat after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, fell 19.69 points or 0.04% to 51,329.08. The Nifty 50 index lost 6.50 points or 0.04% to 15,109.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,300.65 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,756.24 crore in the Indian equity market on 9 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly higher on Tuesday following overnight gains on Wall Street that saw the major indexes rallying to record closing highs.

In US, Wall Street reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, driven by increased stimulus and an accelerated vaccine rollout.

Biden has set a goal to administer at least 100 million Covid vaccine doses during his first 100 days in office, but he warned it will be very difficult to achieve herd immunity in the U.S. by the end of summer.

Domestic markets:

Back home, domestic equity benchmarks ended the session with strong gains on Monday. IT, auto and metal shares rallied while PSU banks and FMCG shares declined. The barometer index, the S&P BSE Sensex, spurted 617.14 points or 1.22% to 51,348.77. The Nifty 50 index climbed 191.55 points or 1.28% to 15,115.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,876.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 504.86 crore in the Indian equity market on 8 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 89 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday, as investors are expected to monitor shares of China's tech giants following the release of new anti-monopoly guidelines over the weekend.

Investors will be watching Hong Kong listed shares of Chinese tech giants Alibaba, Tencent and JD.com on Monday. That comes after China's State Administration for Market Regulation released a new set of rules that are set to put pressure on leading internet services in the country such as Alibaba's Taobao or Tencent's WeChat Pay.

In US, the Nasdaq and S&P 500 hit all-time highs on Friday on stronger-than-expected corporate results in the fourth quarter.

The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Joe Biden's $1.9 trillion rescue package to get through the Democratic-held Senate with a simple majority. The package includes $1,400 stimulus checks, supplemental jobless benefits and Covid-19 vaccine and testing funds.

Meanwhile, U.S. President Joe Biden said his administration was prepared for “extreme competition” with China, though his approach would be different than his predecessor. Biden also said during the interview that he had not spoken to Chinese President Xi Jinping yet since he was sworn in last month.

On the coronavirus front, more contagious variants continue to spread throughout the U.S. On Friday Virginia health officials reported the state's first case of the strain first identified in South Africa. On Sunday South Africa halted distribution of AstraZeneca's vaccine given its minimal efficacy against the strain first identified in the country.

Domestic markets:

Back home, benchmark indices advanced for fifth trading session on Friday, following Reserve Bank of India (RBI)'s decision to keep repo rates unchanged. Global shares were positive on progress in vaccine distribution and expectations of a large stimulus by US President Joe Biden's administration. The Sensex added 117.34 points or 0.23% to 50,731.63. The Nifty 50 gained 28.60 points or 0.19% to 14,924.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,461.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,418.65 crore in the Indian equity market on 5 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 75 points at the opening bell.

RBI policy:

The Monetary Policy Committee (MPC), headed by RBI Governor, will announce its interest rate decision today, 5 February 2021.

Global markets:

Overseas, Asian stocks rose on Friday after overnight gains stateside that saw the S&P 500 and Nasdaq posting record closing highs.

U.S. stocks jumped on Thursday, extending the rally into a fourth straight day as investors assessed a new batch of corporate earnings and solid economic data. The S&P 500 and Nasdaq posted record closing highs.

On the stimulus front, Democrats are moving forward with President Joe Biden's $1.9 trillion Covid-19 relief proposal. Republicans have countered with a more modest $618 billion package, which includes new stimulus checks of $1,000 per person.

Domestic markets:

Back home, the benchmark indices surged to record high levels on Thursday, as euphoria surrounding the Union Budget continued for fourth trading session. The S&P BSE Sensex, added 358.54 points or 0.71% at 50,614.29. The Nifty 50 index surged 105.70 points or 0.71% at 14,895.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,936.74 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 768.55 crore in the Indian equity market on 4 February, provisional data showed.

Indian stocks are expected to open on a flat note after seeing steep recent rally.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 9 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mostly lower on Thursday following another positive session overnight for the S&P 500 stateside.

In US, the Dow and S&P 500 rose slightly on Wednesday, registering a third straight session of gains, with Alphabet Inc's shares hitting a record high following its strong quarterly results.

The House passed a budget resolution Wednesday, a key step as Democrats push toward a vote on a $1.9 trillion coronavirus relief package. Approval of the measure allows Congress to move forward with reconciliation, through which Democrats can pass an aid bill without Republican support. The Senate is expected to approve a resolution later this week.

Domestic markets:

Back home, the benchmark indices surged for third consecutive session on Wednesday, as euphoria surrounding the Union Budget continued. The S&P BSE Sensex, soared 458.03 points or 0.92% at 50,255.75. The Nifty 50 index surged 142.10 points or 0.97% at 14,789.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,520.92 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 399.74 crore in the Indian equity market on 3 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 58 points at the opening bell.

On the macro front, India's exports grew 5.37% YoY to $27.24 billion in January 2021, according to provisional data of the commerce ministry. Imports in January 2021 rose 2% to $42 billion. The trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday following an overnight surge on Wall Street.

Japan's services sector shrank at the fastest pace in five months in January. The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) dropped to a seasonally adjusted 46.1 from the prior month's 47.7, marking the lowest reading since August.

US stocks finished sharply higher for a second straight day on Tuesday, helped by gains in Amazon.com and Google-parent Alphabet ahead of their results and by optimism over progress on a US pandemic relief package.

Meanwhile, investors will be following stimulus negotiations in Washington, after congressional Republicans made a counteroffer to President Joe Biden's $1.9 trillion stimulus plan on Sunday.

Biden met with those lawmakers on Monday as congressional Democrats moved toward passing a reconciliation bill without bipartisan support. White House Press Secretary Jen Psaki described the meeting as substantive and productive.

Domestic markets:

Back home, benchmark indices rallied for the second day on Tuesday, as investors cheered the Union Budget announcements. Positive global cues also lifted the sentiment. The barometer index, the S&P BSE Sensex, soared 1,197.11 points or 2.46% at 49,797.72. The Nifty 50 index surged 366.65 points or 2.57% at 14,647.85.

Foreign portfolio investors (FPIs) bought shares worth Rs 6,181.56 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,035.20 crore in the Indian equity market on 2 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 111 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday following an overnight jump on Wall Street. The Japanese government is set to extend the state of emergency covering Tokyo and other regions till March 7 in order to contain the coronavirus, as per media reports.

US stocks jumped on Monday, the first session of February, as Wall Street appeared to shake off concerns about a speculative retail trading mania that largely drove the market's worst weekly sell-off since October.

Meanwhile, a group of 10 Republican senators sent President Joe Biden a letter on Sunday, urging him to consider a smaller, scaled-down Covid-19 relief proposal. His current plan calls for $1.9 trillion in additional fiscal stimulus.

The Republican proposal would reduce the size of a new round of checks Biden wants to send to Americans, from $1,400 per individual to $1,000. It would also make the income limits that determine eligibility for the stimulus payments far stricter. For individual filers the checks would start to phase out for those making more than $40,000.

The alternative proposal comes after House Speaker Nancy Pelosi said the chamber will move to pass a budget resolution, the first step toward approving legislation through reconciliation. The process would enable Senate Democrats to approve an aid measure without GOP votes.

In economic data, US manufacturing activity slowed slightly in January. The Institute for Supply Management (ISM) said on Monday its index of national factory activity fell to a reading of 58.7 last month from 60.5 in December.

Domestic markets:

Back home, domestic shares ended with robust gains on Monday as investors cheered Union Budget proposals. The S&P BSE Sensex, jumped 2,314.84 points or 5% to 48,600.61. The Nifty 50 index surged 646.60 points or 4.74% to 14,281.20.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,494.23 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 90.46 crore in the Indian equity market on 1 February, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 30 points at the opening bell.

Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for January starting from today, 1 February 2021.

Union Budget 2021-22:

Market is awaiting key reforms that could push growth and kickstart the capex cycle in the economy. The Union Budget 2021-22 would be presented today, 1 February 2021. The Parliament session started from January 29, and would be held in two phases. Subject to exigencies of government business, the session is likely to conclude on 8 April 2021.

In economic data, Markit Manufacturing PMI for January will be declared today, 1 February 2021.

The GST revenue collected for January 2021 till 6 PM on January 31 is Rs 1,19,847 crores. This is the highest GST revenue the government has collected since the rollout of the goods and services tax regime. The GST revenues for January is 8% higher than the revenues collected in the same month last year. In January 2020, the government had garnered around Rs 1.1 lakh crore.

Global markets:

Overseas, Asian stocks were mixed on Monday as official data released over the weekend showed manufacturing activity in China growing at a slower pace in January.

China's official manufacturing Purchasing Managers' Index came in at 51.3 in January, according to a statement by the country's National Bureau of Statistics on Sunday. In comparison, the reading for December was 51.9, remaining above the 50-level which indicates growth.

U.S. stock indexes fell sharply on Friday after COVID-19 vaccine data from Johnson & Johnson hurt sentiment, while a standoff between Wall Street hedge funds and small, retail investors weighed.

Meanwhile, new trial results from Johnson & Johnson's coronavirus vaccine disappointed some investors because it was less effective on some variants, also hurting market sentiment.

J&J said its one-dose vaccine demonstrated 66% effectiveness overall in protecting against Covid-19. The vaccine was 72% effective in the United States, 66% in Latin America and 57% in South Africa after four weeks, the company said. The vaccine however offered complete protection against Covid-related hospitalizations.

Worries of a short squeeze grew after an army of retail investors returned to trade shares in GameStop Corp and Koss Corp. The stocks sky-rocketed after brokers including Robinhood eased some of the restrictions they had placed on trading. The U.S. Securities and Exchange Commission warned both brokerages and social media traders that it was closely monitoring potential wrongdoing.

Domestic markets:

Back home, domestic equity benchmarks extended losses for the sixth straight session on Friday. Weak global cues triggered selling pressure. The barometer index, the S&P BSE Sensex, tumbled 588.59 points or 1.26% to 46,285.77. The Nifty 50 index lost 182.95 points or 1.32% to 13,634.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,930.66 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,443.20 crore in the Indian equity market on 29 January, provisional data showed.