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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Indian Stock Market News February 1, 2021
SGX Nifty Up 38 Points; Indicates Positive Opening for Indian Stock Markets Mon, 1 Feb SGX Nifty
The SGX Nifty opened on a positive note today.
At 8:10 am, it was trading up by 38 points, or 0.27% higher at 13,760 levels.
Trends on SGX Nifty indicate a positive opening for Indian stock markets.
Asian stock markets climbed today as concerns over volatile retail trading receded and signs of an easing cash crunch in China aided sentiment.
China's short-term money market rate fell from a five-year high after the People's Bank of China injected funds in an effort to avoid a liquidity squeeze.
The Hang Seng is trading up by 1% while the Shanghai Composite is up 0.2%. The Nikkei is trading higher by 0.9%.
US stock markets closed about 2% lower on Friday amid concern about the implications of short-squeezes encouraged on internet forums.
The Dow Jones Industrial Average dropped 620 points on Friday, down 2%, to close below the 30,000 level for the first time since December. The Nasdaq Composite also slipped 2%.
US stock futures declined today as a surge in speculative trading by retail traders continued to cause hedge funds to take off risk and worried investors about a market bubble.
Dow Futures are trading down by 30 points while Nasdaq Futures are trading lower by 17 points.
Silver futures advanced 4% as retail sites were overwhelmed with demand for bars and coins on Sunday. Comments began appearing on Reddit forum Wall Street Bets last week as people suggested buying exchange-traded funds linked to silver.
Here are the key events due later this week:
- Australia - RBA - Interest Rate Decision - Wednesday
- India - Manufacturing and Services PMI - Wednesday
- US - Natural Gas Storage - Thursday
- India - Interest Rate Decision and Forex Reserves - Friday
Back home, Marico and IRFC will be among the top buzzing stocks today.
Benchmark indices will today react to the Budget 2021 proposals, which will be presented by Finance Minister Nirmala Sitharaman in the Parliament later in the day. The FM has promised a "never before" budget that would help revive economic sentiment in a Covid-19 impacted year.
In our new video series called Momentum Moves, Brijesh Bhatia talks about what traders can expect on budget day and this week.
You can watch the video here: The Bulls Have to Fight Hard Going into the Budget
To know the top cues in today's stock market session, check out the pre-open commentary here.
Stay tuned for more updates on Indian stock markets in the upcoming commentary.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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