Stock Market Today: Top 10 things to know before the market opens today

The key support level for the Nifty is seen at 17,472, followed by 17,400, and 17,284.

The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 58 points.

The BSE Sensex climbed 170 points to 59,500, while the Nifty50 rose 45 points to 17,649 on Monday and formed a bullish candle on the daily charts with upper and lower shadows indicating high volatility in the market. The index has defended 50 WEMA (17,400) as well as 200 DEMA (17,550), which can be crucial support going forward.

As per the pivot charts, the key support level for the Nifty is seen at 17,472, followed by 17,400, and 17,284. If the index moves up, the key resistance levels to watch out for are 17,704, followed by 17,776 and 17,892.

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:

US Markets

A gauge of global stocks retreated on Monday after six sessions of gains while US Treasury yields rose ahead of central bank policy announcements and data that may shed light on whether progress has been made in bringing down inflation.

The Dow Jones Industrial Average fell 260.99 points, or 0.77 percent, to 33,717.09, the S&P 500 lost 52.79 points, or 1.30 percent, to 4,017.77 and the Nasdaq Composite dropped 227.90 points, or 1.96 percent, to 11,393.81.

Asian Markets

Asia-Pacific shares traded mixed on Tuesday as investors look ahead to a range of economic data and a potential interest rate hike from the Federal Reserve.

Australia’s S&P/ASX 200 was up 0.33 percent as investors await retail sales data for December. Japan’s Nikkei 225 traded slightly above the flatline and the Topix gained 0.28 percent. South Korean benchmark Kospi dipped 0.4 percent.

SGX Nifty

Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 58 points. The Nifty futures were trading around 17,763 levels on the Singaporean exchange.

IMF retains growth forecasts for Indian economy at 6.8% this year and 6.1% in FY24

The International Monetary Fund (IMF) has retained its GDP growth forecasts for India for 2022-23 and 2023-24 at 6.8 percent and 6.1 percent, respectively. Released on January 31 – a day before Finance Minister Nirmala Sitharaman presents the Union Budget for 2023-24 – the IMF said while the economy will slow down next year, it will subsequently pick up pace.

"Growth in India is set to decline from 6.8 percent in 2022-23 to 6.1 percent in 2023-24 before picking up to 6.8 percent in 2024-25, with resilient domestic demand despite external headwinds," the IMF said in an update to its World Economic Outlook report.

Oil falls 2% as rate hikes loom and Russian flows stay strong

Oil prices dipped 2 percent on Monday, extending losses as looming increases to interest rates by major central banks weighed on demand and Russian exports remained strong.

Brent futures for March delivery fell $1.76, or 2.03 percent, to $84.90 a barrel. US crude fell $1.78 to $77.90 per barrel, a decline of 2.23 percent - its steepest decline in nearly four weeks.

Abu Dhabi's IHC to invest $400 million in Adani Enterprises' FPO

Abu Dhabi's International Holding Company (IHC) on January 30 said it will invest $400 million in Adani Enterprises' ongoing Rs 20,000-crore follow-on public offer (FPO) via its subsidiary Green Transmission Investment Holding RSC Limited.

IHC, one of Abu Dhabi's most valuable listed companies, was an investor in Adani Enterprises' share offering's anchor book as well.

"Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders," said Syed Basar Shueb, Chief Executive Officer, IHC in the company's press release.

Results on January 31

Coal India, Power Grid Corporation of India, Sun Pharmaceutical Industries, UPL, ACC, BASF India, Blue Star, Edelweiss Financial Services, Great Eastern Shipping, Godrej Consumer Products, Indian Hotels, Indian Oil Corporation, Jindal Steel & Power, KEC International, KPIT Technologies, Max Financial Services, MOIL, RailTel Corporation of India, Spandana Sphoorty Financial, Star Health, and TTK Prestige will be in focus ahead of quarterly earnings on January 31.

FII and DII data

Foreign institutional investors (FII) have net-sold shares worth Rs 6,792.80 crore, the highest ever outflow in a single day since March 8, 2022, whereas domestic institutional investors (DII) have net-bought shares worth Rs 5,512.63 crore on January 30, as per provisional data available on the NSE.

German economy unexpectedly shrinks in Q4, reviving spectre of recession

The German economy unexpectedly shrank in the fourth quarter, data showed on Monday, a sign that Europe's largest economy may be entering a much-predicted recession, though likely a shallower one than originally feared.

Gross domestic product decreased 0.2 percent on-quarter in adjusted terms, the federal statistics office said. A Reuters poll of analysts had forecast the economy would stagnate.

The government has said the economic situation should improve from spring onwards, and last week revised up its GDP forecast for 2023, predicting growth of 0.2 percent, up from an autumn forecast of a 0.4 percent decline.

Stocks under F&O ban on NSE

The National Stock Exchange has retained Ambuja Cements on its F&O ban list for January 31. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.

With inputs from Reuters and other agencies