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SGX Nifty Up 84 Points; Indicates Firm Opening for Indian Stock Markets
Fri, 5 Feb SGX Nifty

The SGX Nifty opened on a positive note today.

At 8:10 am, it was trading up by 84 points, or 0.6% higher at 14,980 levels.

Trends on SGX Nifty indicate a firm opening for Indian stock markets.

Asian stock markets are trading higher today after their US peers climbed to a record on signs of a healing labor market and improving coronavirus trends.

The Hang Seng is trading up by 1.1% while the Shanghai Composite is up 0.6%. The Nikkei is trading higher by 1.2%.

In US stock markets, Wall Street indices rose on Thursday as investors focused on corporate earnings and signs of progress on a pandemic-relief package after data suggested the labor market was stabilizing.

The Labor Department's report showed 779,000 Americans filed new applications for unemployment benefits last week, lower than 812,000 in the prior week, as authorities started to loosen pandemic-related restrictions on businesses.

The Dow Jones Industrial Average rose 332 points, up 1.1%, while the Nasdaq Composite gained 1.23%.

All the three major indices have bounced back sharply this week as investors monitored talks over the next round of fiscal stimulus and as a recent buying frenzy driven by social media appeared to stall following a bout of market volatility last week.

European shares rose on Thursday, extending the rally for the fourth straight session as investors were hopeful of a swifter global economic recovery.

US stock futures advanced today. Dow Futures are trading up by 61 points while Nasdaq Futures are trading higher by 30 points.

Here are the key events due later today:

  • Australia - Monetary Policy Statement and Retail Sales
  • US - Non-Farm Payrolls and Unemployment Rate
  • India - Interest Rate Decision and Forex Reserves

Back home, Bajaj Consumer Care and SBI will be among the top buzzing stocks today.

Benchmark indices will today react to Reserve Bank of India's (RBI) policy outcome. Reports state that the RBI's monetary policy committee (MPC) is expected to maintain status quo stance in the policy review.

In the previous rounds, the MPC has left enough hints to convey that reviving growth is the priority and the panel will remain on an accommodative stance "as long as necessary".

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


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