Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 116 points.
The market is expected to open in the green as trends on the SGX Nifty indicate a gap-up opening for the broader index with a gain of 116 points.
The BSE Sensex rallied 848.40 points or 1.46 percent to 58,862.57, while the Nifty50 rose 237 points or 1.37 percent to 17,576.80 on Tuesday and formed a small bullish candle which resembles Hanging Man kind of pattern formation on the daily charts, supported by all sectors, barring auto and PSU banks.
According to pivot charts, the key support levels for the Nifty are placed at 17,340.13, followed by 17,103.47. If the index moves up, the key resistance levels to watch out for are 17,717.94 and 17,859.07.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
All three Wall Street benchmarks advanced on Tuesday and the energy index closed at a multi-year high, although seesaw trading reflected investor uncertainty about how to play the current market.
The Dow Jones Industrial Average rose 273.38 points, or 0.78 percent, to 35,405.24, the S&P 500 gained 30.99 points, or 0.69 percent, to 4,546.54 and the Nasdaq Composite added 106.12 points, or 0.75 percent, to 14,346.
Asian Markets
Shares in Asia-Pacific rose in Wednesday morning trade, with multiple major markets in Asia remaining closed for the Lunar New Year holidays.
The Nikkei 225 gained 1.05 percent in early trade, while the Topix index advanced 0.97 percent. In Australia, the S&P/ASX 200 climbed 0.99 percent in morning trade.
SGX Nifty
Trends on the SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 116 points. The Nifty futures were trading around 17,714 levels on the Singaporean exchange.
India may become $5 trillion economy by 2025-26: CEA Nageswaran
Chief Economic Advisor V Anantha Nageswaran believes that India can become a $5 trillion economy by the FY 2025-26 or 2026-27.
Addressing the press conference that was held after Finance Minister Nirmala Sitharaman tabled the Union Budget 2022-2023, the CEA said that if the GDP continues to grow at 8 percent, a $5-trillion economy for India is possible.
“If we continue to retain the path of 8 per cent of real GDP growth, it will translate into even 8 per cent dollar GDP growth. If we extrapolate it, we should be a $5-trillion economy in terms of nominal GDP in the financial year 2025-26 or the financial year 2026-27,” he said.
Oil rises after draw in US stocks, eyes on OPEC+ decision
Oil prices rose on Wednesday towards last week’s seven-year highs after data showing a fall in US crude stocks underlined solid demand, but investors remained cautious ahead of an OPEC+ meeting due later in the day.
Read More:Budget 2022: Here’s what consumer tech industry said about reduced custom taxes
Brent crude climbed 36 cents, or 0.4 percent, to $89.52 a barrel by 0123 GMT, after easing 10 cents on Tuesday. US West Texas Intermediate crude was up 38 cents, or 0.4 percent, at $88.58 a barrel, having gained 5 cents the previous day.
TRAI recommendation on 5G spectrum by March, service roll out this year: Telecom Minister
The telecom minister Ashwani Vaishnaw on Tuesday said that the Telecom Regulatory Authority of India’s (TRAI) recommendation on 5G spectrum is expected to come by March, after which spectrum action will be held expeditiously for the roll out of the next generation service.
The minister said the the Department of Telecom is parallelly working on other auction-related processes to start the spectrum auction at the earliest. Commenting on the Union Budget 2022-23, the minister said “recommendations on 5G are expected by March”.
Budget lacks any serious measures to boost revenue: Moody’s
The Union Budget lacks any tangible measures to increase revenue generation even though the capital expenditure plans have gone up significantly and the fiscal deficit estimate suggests that the government is relying too much on strong growth to help drive fiscal consolidation, rating agency Moody’s said in a note.
The Budget underscores the government’s previous emphasis on capex to sustain near-term recovery from the pandemic, while simultaneously paving the way for longer-term restructuring of the economy, it said.
Euro zone factory growth accelerated in Jan as bottlenecks eased -PMI
Euro zone manufacturing activity accelerated last month as supply chain bottlenecks eased, although the improvement was not evenly spread across member countries and factories still faced high inflationary pressures, a survey showed on Tuesday.
IHS Markit’s final manufacturing Purchasing Managers’ Index (PMI) rose to a five-month high of 58.7 in January from December’s 58.0, below an initial “flash” estimate of 59 but comfortably above the 50 mark separating growth from contraction.
Results today
HDFC, Adani Green Energy, Dabur India, Aarti Surfactants, Apollo Tyres, Adani Total Gas, Bajaj Consumer Care, Balaji Amines, Balrampur Chini Mills, Blue Star, eClerx Services, Gillette India, Indian Overseas Bank, JK Lakshmi Cement, Jubilant FoodWorks, Mahindra & Mahindra Financial Services, Meghmani Organics, Sandhar Technologies, Shankara Building Products, Suryoday Small Finance Bank, Tata Consumer Products, Timken India, VRL Logistics, Windlas Biotech, Zee
Entertainment Enterprises, and Zydus Wellness.
