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Markets gap open in negative territory on January 28 on budget fever and Global cues:

The Indian market is likely to open lower on Thursday tracking losses in Asian peers amid weak global cues. At 7:35 am, the SGX Nifty was trading 88.00 points or 0.63 percent lower at 13,892.00, indicating a negative start for the Sensex and Nifty50.

  1. Wall Street | US stocks suffered their biggest one-day percentage drop in three months on Wednesday, adding to losses after the latest Fed statement as major indexes were also pressured by a slump in Boeing and a selling of long positions by hedge funds. The S&P 500 fell 2.6 percent to close at 3,750.77 — its biggest drop in three months. The Dow Jones Industrial Average saw its worst day since October 28, plummeting 633.87 points to finish its trading day at 30,303.17. The Nasdaq Composite shed 2.6 percent to close at 13,270.60.
  2. Asian Markets | Asian stocks skidded on Thursday following a sharp Wall Street decline amid deepening concerns about stretched valuations in equities markets, while the dollar and bonds strengthened. In early Asian trade, Australia’s S&P/ASX 200 benchmark lost 1.99 percent, Japan’s Nikkei fell 2.28 percent and Hong Kong’s Hang Seng index futures lost 0.51 percent. MSCI’s broadest index of Asia-Pacific shares traded 0.78 percent lower
  3. Indian Market | The Indian equity benchmark indices, Sensex and Nifty, ended almost 2 percent lower on Wednesday dragged by heavy selling across the key sectors. The Sensex plunged 937.66 points, or 1.94 percent to close at 47,409.93, while the Nifty ended at 13,967.50, down 271.40 points, or 1.91 percent. The Nifty Bank and Financial Services led the losses while the pharma, metal and auto indices also reeled under pressure.
  4. Crude Oil | Oil prices were little changed despite a massive drawdown in US crude inventories, as ongoing concerns about the coronavirus pandemic tempered buying interest. Brent crude futures fell $0.42 to $55.49 a barrel. US crude futures slid $0.04 to $52.57 a barrel.
  5. Rupee | The rupee edged higher by 2 paise to settle at 72.92 (provisional) against the US dollar on Wednesday, ahead of the outcome of the US central bank’s meeting. At the interbank forex market, the rupee opened at 72.91 against the American currency and hit an intra-day high of 72.78 and a low of 72.94 in day trade. It finally finished at 72.92, higher by 2 paise over its last close.
  1. US Federal Reserve | The US Fed kept its benchmark interest rate unchanged near zero on Wednesday and also said it will keep buying at least $120 billion of bonds a month. Fed Chairman Jerome Powell said, “The economy is a long way from our monetary policy and inflation goals, and it’s likely to take some time for substantial further progress to be achieved.”
  2. IMF | Gita Gopinath, the Chief Economist of the International Monetary Fund (IMF), said that India has entered 2021 with better prospects than what was expected last year and has been able to restore activity faster than many economies. In an interview with CNBC-TV18, Gopinath further said that a larger budget deficit than what India usually has can be expected. She said that the country must now focus on improving the efficiency of Goods and Services Tax (GST) collections, divestments. She added that as growth returns, the deficit will come down gradually.
  3. Reserve Bank of India | RBI’s new framework mandates banks to have enhanced disclosures on compliance.. It includes recovery of the cost of redress of maintainable complaints from the banks against whom the number of complaints received in the Offices of Banking Ombudsman (OBOs) are in excess of their peer group averages. The framework also includes an intensive review by RBI of the grievance redress mechanism of banks, having persisting issues in their redress mechanism.
  4. Foreign Direct Investment | FDI inflows from April to November 2020 have increased by 22 percent (YoY) to $58.37 billion – the highest for the first 8 months of any fiscal, the Ministry of Commerce and Industry on January 27 said. FDI equity inflows in the first eight months of FY21 rose by 37 percent (YoY) to $43.85 billion, said the Union Ministry statement said.
  5. Unlock Guidelines | The Ministry of Home Affairs on Wednesday eased several restrictions imposed due to the spread of COVID-19. From increasing the capacity of cinema halls and theatres; allowing swimming for all to the opening of international air travel passengers, the Home Ministry will prepare standard operating procedures (SOPs) in consultation with the concerned ministry, states, and union territories. The new order would be effective from February 1 and would remain in force till February 28.

Axis Bank | The bank’s net profit in Q3FY21 declined 36.4 percent to Rs 1,116.6 crore from Rs 1,757 crore, while net interest income (NII) rose 14.3 percent to Rs 7,372.7 crore from Rs 6,453 crore, YoY.

Hindustan Unilever | The company reported a profit of Rs 1,921 crore in Q3FY21, up 18.9 percent from Rs 1,616 crore, YoY, while, revenue rose 20.9 percent to Rs 11,862 crore from Rs 9,808 crore, YoY. Volume growth was at 4 percent.

State Bank of India |  Swaminathan Janakiraman and Aswini Kumar Tewari have been appointed as Managing Directors of the bank for three years.

Hero MotoCorp | The company will soon commence operations in Mexico and has entered into a distribution agreement with Grupo Salinas for the Mexico market.

Earnings Today | Maruti Suzuki, Lupin, TVS Motor Company, InterGlobe Aviation, Colgate-Palmolive, Angel Broking, AU Small Finance Bank, Tata Chemicals, Bharat Electronics, Cummins India, Equitas Small Finance Bank, Granules India, IDBI Bank, Indus Towers, IRCTC, Laurus Labs, Mahindra & Mahindra Financial Services, Pidilite Industries, RBL Bank, Route Mobile, Shriram Transport Finance, Suven Life Sciences, among others.

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