Market News: On February 4, the Indian stock market opened on a slightly negative note. GIFT Nifty is also trading around 25,764.5 with a fall of about 47.6 points. Market sentiment is likely to remain cautious due to cues from global equity markets, fluctuations in crude oil prices and institutional fund flows.
Given the continued global uncertainties and high volatility, traders are advised to focus on select stocks and remain disciplined. Focus on fundamentally strong stocks during market downturns. Fresh long positions should be considered only after a confirmed and sustained breakout in Nifty above 26,000 levels. Moving above 26,000 will indicate a major improvement in market sentiment.
Stay tuned to Moneycontrol to know what’s happening in the currency and equity markets today. Here we are releasing for you a list of today’s important news running on various news platforms which can affect the Indian and international markets.
Biggest purchase by FIIs after October 28
The effect of the trade deal with the US is beginning to be seen. Yesterday saw the biggest purchase by FIIs since October 28. They have made purchases worth about Rs 17,000 crore including cash and futures.
IT shares fell due to fear of Anthropic AI, Infosys, Wipro, Accenture ADR fell 5-10%
A new challenge has come for the IT sector. The new AI automation tool of AI company Anthropic caused an uproar in the shares of American data and software companies yesterday. These shares fell by 25 percent. ADRs of Wipro, Infosys have also gone down by 5 to 10%.
Market cues: Market trend positive, but after spectacular rise, consolidation with support in 25600–25500 zone is not ruled out.
Increase in crude, strength in gold and silver also
Crude prices have strengthened due to increasing tension between America and Iran. Brent has crossed $67. America has shot down an Iranian drone. Due to geopolitical tension, the prices of gold and silver have increased again. Gold has crossed 5000 dollars in the international market. Silver has reached above $87.
Bajaj Finance: Profit decreased, income increased
Bajaj Finance has seen a 6 percent decline in profit in the third quarter. Due to the new labor code, there has been a one-time impact of Rs 265 crore. However, there has been a jump of 18 percent in revenue. There is a slight improvement in asset quality. A growth of 22 percent has also been recorded in AUM.
Bajaj Finserv and Trent results today, results of 6 futures companies awaited
Today the results of two Nifty companies Bajaj Finserv and Trent will come. Besides, the results of six futures companies including Tata Power and Cummins will also be awaited.
3 day MPC starts from today
After the budget, now the market’s eyes are on the Reserve Bank. RBI’s 3-day MPC will start from today. Monetary policy will come on Friday. Rates are not expected to decrease in the policy.
gift nifty
GIFT Nifty is also trading around 25,764.5 with a fall of 47.6 points.
Asian market
Asian stock markets are looking mixed after the selloff in tech stocks. GIFT Nifty is also trading around 25,764.5 with a fall of about 47.6 points. Nikkei is showing a weakness of 0.77 percent. The Straits Times is showing a slight gain of 0.03 per cent. Hangseng is showing a weakness of 0.44 percent. Taiwan market is up by 0.43 percent. Kospi is also showing a rise of 0.53 percent. The Shanghai Composite is looking completely flat.
US market
There was a huge fall in Wall Street on Tuesday. Investors were worried that AI would create more competition for software companies, causing tension ahead of Alphabet and Amazon’s quarterly reports later this week. The S&P 500 index fell 0.84% to 6,917.81. The Nasdaq fell 1.43% to 23,255.19, while the Dow Jones Industrial Average fell 0.34% to 49,240.99.
fund flow action
After being net sellers for the last two sessions, foreign institutional investors (FIIs) turned net buyers on February 3 and bought shares worth Rs 5,236 crore. Domestic institutional investors (DIIs) continued buying for the second consecutive day and invested more than Rs 1,000 crore.