Market is seen opening higher, tracking positive leads from Asian markets and overnight rally on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 26 points at the opening bell.
Overseas, Asian shares were trading higher, mirroring sharp gains seen in the last session on Wall Street. US stocks surged on Friday, 26 January 2018. A reading of fourth-quarter gross domestic product came in slightly softer than expected but was viewed by investors as healthy enough to perceive that the economy is on firm footing. The Dow Jones Industrial Average rose 0.85%. The S&P 500 index climbed 1.18%. The Nasdaq Composite Index surged 1.28%.
US gross domestic product (GDP) for the fourth quarter rose 2.6% as consumption and business activity picked up.
The Federal Open Market Committee (FOMC) of the US Federal Reserve holds its next two-day monetary policy meet on Tuesday, 30 January and Wednesday, 31 January 2018. The Federal Reserve will announce its interest rates decision on Wednesday. The Fed, in a widely expected move, had raised interest rates by 25 basis points (bps) to a range of 1.25-1.5% in its December monetary policy meeting.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 937.31 crore on Thursday, 25 January 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 965.67 crore on Thursday, 25 January 2018, as per provisional data.
Among corporate earnings of prominent companies, HDFC, IDFC and Tech Mahindra will announce Q3 results today, 29 January 2018.
Among corporate news, net profit of Maruti Suzuki India rose 3% to Rs 1799 crore on 13.93% rise in net sales to Rs 18940 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Thursday, 25 January 2018.
Key benchmark indices corrected on profit booking on Thursday, 25 January 2018, after scaling record high levels in the past few sessions. The barometer index, the S&P BSE Sensex, fell 111.20 points or 0.31% to settle at 36,050.44. The Nifty 50 index fell 16.35 points or 0.15% to settle at 11,069.65. The Sensex ended above the psychological 36,000-mark after falling below that level in intraday trade. India's stock market was closed on Friday, 26 January 2018, for Republic Day holiday.
The next major trigger for the market is Union Budget 2018-19, which will be presented by the finance minister Arun Jaitley in the parliament on Thursday, 1 February 2018.
President Ram Nath Kovind will address the joint sitting of the two Houses today, 29 January 2018, and the Economic Survey will be tabled on the same day. The first phase of the budget session of the parliament will be held from 29 January 2018 to 9 February 2018. After a recess, Parliament will meet again from 5 March 2018 to 6 April 2018, as per reports.
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