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Market Today

The benchmark Sensex and Nifty indices are likely to open on a negative note on January 31 as trends in the GIFT Nifty indicate a weak start for the broader index with a gain of 39 points.

On January 30, the Indian equity benchmark erased some of the previous session's gains and ended lower in a volatile session amid selling in heavyweights and capital goods, power and FMCG sectors.

The inventors adopted cautious approach ahead of the upcoming FOMC meeting, interim budget and escalating tensions in the Middle East.

At close, the Sensex was down 801.67 points, or 1.11 percent, at 71,139.90, and the Nifty was down 215.50 points, or 0.99 percent, at 21,522.10.

The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,493, followed by 21,420, and 21,301 levels, while on the higher side, it may see immediate resistance at 21,731, followed by 21,805 and 21,924 levels.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.

GIFT Nifty

Trends in the GIFT Nifty indicate a negative start for the broader index in India, with a loss of 39 points or 0.18 percent. The Nifty futures were trading around the 21,631 level.

Trade setup for Wednesday: Top 15 things to know before the opening bell

US Markets

The tech-heavy Nasdaq lost ground on Tuesday as the market awaited a spate of high profile corporate earnings and the Federal Reserve convened for its monetary policy meeting.

The S&P 500 declined 0.06 percent to end at 4,924.97 points. The Nasdaq Composite Index fell 0.76 percent to 15,509.90 points, while the Dow Jones Industrial Average rose 0.35 percent to 38,467.31 points. The S&P 500 declined 0.06 percent to end at 4,924.97 points. The Nasdaq Composite Index fell 0.76 percent to 15,509.90 points, while the Dow Jones Industrial Average rose 0.35 percent to 38,467.31 points.

Asian Markets

Asian market were trading lower in early trade on Wednesday with Nikkei down nearly 1 percent, while Taiwan Weighted and Kospi down 0.3 percent each.

IMF lifts global growth forecast citing unexpected 'resilience'

The IMF announced Tuesday it has raised its 2024 global growth forecast to 3.1 percent, citing unexpected "resilience" in major advanced and emerging market economies around the world.

The updated figure, released in the latest World Economic Outlook (WEO) report, is 0.2 percentage points higher than the International Monetary Fund's previous forecast in October.

"We had simultaneously less inflation and more growth," IMF chief economist Pierre-Olivier Gourinchas told reporters ahead of the report's publication. "It's not just a US story. There was a lot of resilience in many, many parts of the world in the last year and going into 2024," he said, highlighting countries such as China, Russia, Brazil and India.

IMF raises India's FY25, FY26 GDP growth forecasts to 6.5%

The International Monetary Fund (IMF) has raised its 2024-25 GDP growth forecast for India by 20 basis points to 6.5 percent, although it continues to trail expectations of Indian authorities.

At 6.5 percent, the multilateral agency's revised growth forecast for next year is 20 basis points lower than its estimate of 6.7 percent for 2023-24. One basis point is a hundredth of a percentage point.

Similarly, the Fund has also raised its growth forecast for 2025-26 by 20 basis points to 6.5 percent.

L&T Q3 net profit rises 15% to Rs 2,947 crore

Larsen & Toubro (L&T) reported a consolidated net profit of Rs 2,947 crore for the December quarter of FY24, up 15 percent from the year-ago period, on better execution of infrastructure projects and continued growth in the IT and tech services portfolio.

Revenue zoomed to Rs 55,128 crore, 19 percent higher from last year, the company said in an exchange filing on January 30.

Dollar

The dollar headed for its biggest monthly gain since September and the yen for its sharpest drop in nearly a year on Wednesday, as traders waited on a U.S. rates decision to round out January.

The dollar has gained 2 percent against a basket of major currencies this month as markets dialled back expectations on the speed and scale of rate cuts in the face of strong US economic data and pushback from central bankers.

Crude Oil

Oil prices rose on Tuesday as a higher global economic growth forecast and escalating tensions in the Middle East offset concerns around Chinese demand.

March Brent crude futures, which expire on Wednesday, rose 47 cents to settle at $82.87 a barrel. The more active April contract settled up 67 cents at $82.50. US West Texas Intermediate crude settled up $1.04, or 1.35 percent, at $77.82.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,970.52 crore, while domestic institutional investors (DIIs) bought Rs 1,002.70 crore worth of stocks on January 30, provisional data from the NSE showed.

Stocks under F&O ban on NSE

The NSE has added Zee Entertainment Enterprises to the F&O ban list for January 31.

With inputs from Reuters and other agencies