Marketbuzz Podcast with Hormaz Fatakia: Sensex and Nifty 50 likely to start flat, Paytm and Zee in focus
Episode 1186, Feb 05, 03:29 AM
Indian benchmark indices, Sensex and Nifty 50, are likely to open in the red in the trading session of February 5 with a focus on stocks like Zee Entertainment, Paytm, Tata Motors and Delhivery among others.
India's GIFT Nifty was trading at 21,919 points as of 7:54 am IST, suggesting the NSE Nifty 50 will open near its February 2 close of 21,853.80.
Last week, Nifty Bank outperformed the Nifty on a weekly basis for the first time in almost two months. It gained 2.5% last week compared to the Nifty 50’s 2.3% gain. The last time this happened was in December 2023.
However, overall the market sold off sharply. The Nifty 50 although it ended higher, it closed almost 300 points off the highest point of the day. The Nifty Bank, despite outperforming last week, was still the weaker among the two. Out of the last 11 sessions, the Nifty Bank closed above 46,000 only twice.
The week starting February 5 is a data heavy week with quarterly earnings of Britannia, Bharti Airtel and Lupin, and RBI monetary policy.
This morning, Asian markets were lower after data showed US non-farm payrolls jumped more than expected in January, highlighting a resilient economy and weighing on hopes of an early Fed rate cut.
Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel.
Tune in to the Marketbuzz Podcast for more cues
India's GIFT Nifty was trading at 21,919 points as of 7:54 am IST, suggesting the NSE Nifty 50 will open near its February 2 close of 21,853.80.
Last week, Nifty Bank outperformed the Nifty on a weekly basis for the first time in almost two months. It gained 2.5% last week compared to the Nifty 50’s 2.3% gain. The last time this happened was in December 2023.
However, overall the market sold off sharply. The Nifty 50 although it ended higher, it closed almost 300 points off the highest point of the day. The Nifty Bank, despite outperforming last week, was still the weaker among the two. Out of the last 11 sessions, the Nifty Bank closed above 46,000 only twice.
The week starting February 5 is a data heavy week with quarterly earnings of Britannia, Bharti Airtel and Lupin, and RBI monetary policy.
This morning, Asian markets were lower after data showed US non-farm payrolls jumped more than expected in January, highlighting a resilient economy and weighing on hopes of an early Fed rate cut.
Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel.
Tune in to the Marketbuzz Podcast for more cues