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Stock Market Today: Top 10 Things To Know Before Market Opens

Markets brace for a negative start; IMF upgrades India's GDP forecast; L&T reports 15% profit growth.

The benchmark Sensex and Nifty indices are anticipated to open on a negative note on January 31, with the GIFT Nifty suggesting a weak start for the broader index, reflecting a loss of 39 points.

Volatility in Indian Equities on January 30

On January 30, the Indian equity benchmark witnessed a decline in a volatile session, erasing some of the gains from the previous session. This downturn was attributed to selling in heavyweight stocks, particularly in capital goods, power, and FMCG sectors.

Factors Influencing Investor Sentiment

Investors adopted a cautious approach in light of the upcoming FOMC meeting, interim budget, and escalating tensions in the Middle East. These factors collectively contributed to the negative sentiment in the market.

Closing Numbers on January 30

At the closing bell, the Sensex was down by 801.67 points, or 1.11 percent, at 71,139.90. Similarly, the Nifty recorded a decline of 215.50 points, or 0.99 percent, closing at 21,522.10.

Nifty’s Immediate Support and Resistance Levels

The pivot point calculator suggests that the Nifty is likely to find immediate support at 21,493, followed by 21,420, and 21,301 levels. On the upside, it may encounter immediate resistance at 21,731, followed by 21,805 and 21,924 levels.

Global Market Overview

US Markets: The tech-heavy Nasdaq experienced a decline as investors awaited corporate earnings reports and the Federal Reserve’s monetary policy meeting. The S&P 500 ended with a marginal decline at 4,924.97 points, while the Nasdaq Composite Index fell 0.76 percent to 15,509.90 points. On the other hand, the Dow Jones Industrial Average rose 0.35 percent to 38,467.31 points.

Asian Markets: Asian markets started trading lower on Wednesday, with Nikkei down nearly 1 percent, and Taiwan Weighted and Kospi down 0.3 percent each.

IMF’s Optimistic Global Growth Forecast

The International Monetary Fund (IMF) raised its 2024 global growth forecast to 3.1 percent, citing unexpected resilience in major economies. This positive outlook was driven by less inflation and more growth, with notable resilience observed in countries like China, Russia, Brazil, and India.

IMF Upgrades India’s GDP Growth Forecast

The IMF increased its GDP growth forecast for India in 2024-25 by 20 basis points to 6.5 percent, acknowledging the country’s resilience. However, the revised estimate is still 20 basis points lower than the IMF’s projection of 6.7 percent for 2023-24.

Corporate Performance: L&T’s Q3 Results

Larsen & Toubro (L&T) reported a consolidated net profit of Rs 2,947 crore for the December quarter of FY24, marking a 15 percent increase from the same period last year. The growth was attributed to better execution of infrastructure projects and continued expansion in the IT and tech services portfolio. Revenue surged to Rs 55,128 crore, a 19 percent year-on-year increase.

Currency and Commodity Updates

Dollar’s Performance: The dollar was poised for its most substantial monthly gain since September, while the yen faced its most significant drop in nearly a year. Traders awaited a U.S. rates decision to conclude January, with the dollar having gained 2 percent against a basket of major currencies.

Crude Oil Prices: Oil prices rose due to a higher global economic growth forecast and escalating tensions in the Middle East. Brent crude futures for March rose 47 cents to settle at $82.87 a barrel, and WTI crude settled up $1.04, or 1.35 percent, at $77.82.

Foreign and Domestic Institutional Investments

Foreign institutional investors (FIIs) net sold shares worth Rs 1,970.52 crore, while domestic institutional investors (DIIs) bought Rs 1,002.70 crore worth of stocks on January 30, as per provisional data from the NSE.

Stocks Under F&O Ban on NSE

Zee Entertainment Enterprises has been added to the F&O ban list for January 31, as per the NSE.

Aryan Jakhar
Aryan Jakhar
Aryan Jakhar is an Indian Journalist with over two years of active working experience. Aryan is currently working as editor-in-chief at BusinessHeadline.in and he is reachable on contact@businessheadline.in
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