Top 10 things to know before the market opens today

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SGX Nifty

The market is expected to open in the red today. Trends on the SGX Nifty indicate a cautious opening for the broader index in India with a loss of 18 points.

Anil Agarwal weighs merger of holding company with cash-rich India unit

The BSE Sensex rallied 695.76 points or 1.18 percent to 59,558.33, while the Nifty50 jumped 203.20 points or 1.16 percent to 17,780 and formed a bullish candle on the daily charts.

According to pivot charts, the key support levels for the Nifty are placed at 17,705, followed by 17,630. If the index moves up, the key resistance levels to watch out for are 17,824.8 and 17,869.6.

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:

The Dow Jones Industrial Average rose 224.09 points, or 0.63 percent, to 35,629.33, the S&P 500 gained 42.84 points, or 0.94 percent, to 4,589.38 and the Nasdaq Composite added 71.54 points, or 0.5 percent, to 14,417.55.

Asian Markets

The Asia-Pacific markets traded mixed on Thursday amid some lingering concerns about global growth and ongoing geopolitical tensions.

Japan’s Nikkei 225 fell 0.92 percent, while the Topix index was down 0.52 percent. In South Korea, the Kospi bucked the downward trend and rose 1.68 percent.

SGX Nifty

Trends on the SGX Nifty indicate a cautious opening for the broader index in India with a loss of 18 points. The Nifty futures were trading around 17,790 levels on the Singaporean exchange.

Change in FDI policy soon to allow LIC IPO : DPIIT Secretary

The government will approve and notify the necessary changes in India’s Foreign Direct Investment (FDI) policy to allow the disinvestment in the state-run insurer Life Insurance Corporation (LIC). “Inter-ministerial consultations are in the last phases. Things should happen very soon,” Department for Promotion of Industry and Internal Trade Secretary Anurag Jain said. He hinted that the Cabinet would be approached for approval soon.

This coincided with Finance Minister Nirmala Sitharaman telling Network18 in an interview that the details of the policy would be announced soon, while the money from the IPO would come in FY22 itself.

Indian startups have such innovative ideas that investors’ money has found its way to them, Finance Minister Nirmala Sitharaman said on February 2 adding that the proposal to set up an expert committee to support private equity and venture capital firms came after the industry made presentations asking the government to become a facilitator.

“In two different consultations, one with the prime minister and one with me, the private equity people in India and the venture capitalists did suggest that there are quite a few things on which they expect the role of the government to be a facilitator. We saw the potential in their presentation,” Sitharaman said in an exclusive conversation with Network18 Editor-in-Chief Rahul Joshi.

Omicron slams US private payrolls in January

US private payrolls fell for the first time in a year in January as soaring COVID-19 infections disrupted business operations, raising the risk of a sharp decline in employment that would deal a temporary setback to the labour market.

Private payrolls decreased by 301,000 jobs last month after increasing by 776,000 in December, the ADP National Employment report showed on Wednesday. That was the first drop in private payrolls since December 2020. Economists polled by Reuters had forecast private payrolls would increase by 207,000 jobs.

Results today

ITC, Titan Company, Lupin, Aavas Financiers, Aditya Birla Capital, Adani Power, Adani Transmission, Barbeque-Nation Hospitality, Brigade Enterprises, Cadila Healthcare, Coromandel International, Dishman Carbogen Amcis, Emami, GAIL (India), Godrej Properties, HCC, HG Infra Engineering, India Pesticides, JK Tyre & Industries, Jubilant Industries, Kalyan Jewellers India, Lux Industries, NESCO, Pfizer, PI Industries, Prince Pipes and Fittings, Radico Khaitan, Rolex Rings, Sigachi Industries, SIS, Sumitomo Chemical India, Torrent Power, Varun Beverages, Welspun India, and Westlife Development.

Oil prices rise

Oil prices surged on Wednesday after OPEC+ stuck to their planned moderate output increases despite pressure from top consumers to raise output.

Spot gold was flat at $1,807.39 per ounce by 0049 GMT. US gold futures fell 0.1 percent to $1,808. The dollar was slightly up, yet held around the lows after the private payrolls data, and US Treasury yields inched slightly lower after the employment data.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 183.60 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 425.96 crore in the Indian equity market on February 2, as per provisional data available on the NSE.

Day trading guide: 4 stocks to buy or sell today — 2nd Feb