Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 52 points at the opening bell.
Finance Minister Nirmala Sitharaman will present the Union Budget 2020-21 today, 1 February 2020 amid high expectations of a personal tax rate cut as well as other measures to encourage demand amid a teetering economy. This would be her second budget under Modi government 2.0.
Stock markets will be open for normal trading today, 1 February 2020, when the Union Budget will be presented by Finance Minister Nirmala Sitharaman. The market is expecting strong measures from the government in the Budget.
In the last few months, the finance minister has taken several steps to try and boost investor sentiment, and introduced measures to address sector-specific issues. The biggest one came in the form of a corporate tax cut to attract investments.
In US, stocks tumbled on Friday, with the Dow and S&P 500 index recording their biggest one day falls since August, as fears that Chinese coronavirus epidemic would slow economic growth rattled Wall Street.
The January Chicago purchasing manager index slumped to 42.9, from the previous month's 48.9, an indication of the lingering weakness in manufacturing. This month's consumer sentiment index reading rose to 99.8, slightly above analysts' consensus forecast of 99.1.
Back home, key benchmark indices ended the volatile session lower on Friday, with the Nifty slipping below the 12,000 mark. The barometer BSE S&P Sensex fell 190.33 points or 0.47% to 40,723.49. The Nifty 50 index fell 73.70 points or 0.61% to 11,962.10.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 4179.12 crore yesterday, 31 January 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 3816.44 crore, yesterday, 31 January 2020, as per provisional data.
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