MARKETS: Higher start likely ahead of Budget; SGX Nifty rises 150 pts

LIVE market updates: The key benchmark indices are likely to have a gap-up start as indicated by the SGX Nifty Futures, which were quoting almost 150 points higher at 17,512 level as against the the Nifty’s spot close on Monday. 

All eyes today will be on the Union Budget, which will be presented by Finance Minister Nirmala Sitharaman in the Parliament at 11 AM. The market may see large swings in intra-day trend on the either sides. 

Further, auto companies are also expected to be in focus as they will release their respective January auto sales numbers. From the pack, Tata Motors will be keenly watched out for as the company has reported a net loss of Rs 1,451 crore in the quarter ended December 31, 2021. This is narrower when compared with a Rs 4,415-crore net loss in the September quarter.

Global cues

The US benchmark indices logged gains on Monday for a second session to wrap up a rough January on the back of buying in tech shares. The Dow Jones gained 1.2 per cent, the S&P 500 jumped 1.89 per cent and the Nasdaq index ended 3.4 per cent higher.  

Oil prices also rose on Monday to end January on a higher note, amid a supply shortage and political tensions in Eastern Europe and the Middle East. The Brent Crude ended 1.3 per cent higher to $91.21 a barrel. 

In Asia, markets in mainland China, Hong Kong, South Korea and Singapore are closed for a holiday. In Japan, the Nikkei 225 index was trading 0.75 per cent higher. 

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