Stock Market LIVE: Sensex, Nifty likely to open lower today

Good morning! The Indian equity market extended gains a day after Finance Minister Nirmala Sitharaman presented her fourth consecutive Union Budget.

Positive global cues also helped the indices end higher for the third consecutive session. Sensex ended 695 points higher at 59,558 and Nifty rose 203 points to 17,780.

Here's a look at the latest updates of the market action on BSE and NSE today.

8:55 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities 

Benchmark Indices are expected to open on a flat to negative note as suggested by trends on SGX Nifty. US stock markets closed higher on Wednesday, NASDAQ added 71 points followed by upbeat earning from Google parent Alphabet. 

European Indices also closed positive on Wednesday. Asian markets were showing mix cues in the early trade as there is some concerns about global growth and geopolitical tensions. Nikkei down 1%, and Kospi trading +1.0% higher . Oil prices rises on Wednesday after OPEC+ stick to their plans for moderate output increases.

Results for today: ITC, Titan, Gail, lupin, AB Capital, Adani power, Godrej properties, HCC, Jk Tyre, PI Industries, Torrent Power, Radico Khaitan, Welspun India etc

On the technical front, 17,680 and 17,900 are immediate support and resistance in Nifty 50. For Bank Nifty 38,700 and 39,900 are immediate support and resistance respectively.

8:45 am: Global Updates

All three Wall Street benchmarks ended higher on Wednesday, rising for a fourth straight session after a turbulent start to the year, aided by upbeat earnings from Google-parent Alphabet and chipmaker Advanced Micro Devices.

The Dow Jones Industrial Average rose 224.09 points, or 0.63 percent, to 35,629.33, the S&P 500 gained 42.84 points, or 0.94 percent, to 4,589.38 and the Nasdaq Composite added 71.54 points, or 0.5 percent, to 14,417.55.

In Asia, the Nikkei Weighted index was down 1.11 per cent and Hang Seng was trading 1.07 per cent higher. Shanghai Composite was down 0.97 per cent.

8:40 am: Rupee pares initial gains to settle flat at 74.83 

The rupee pared its initial gains to settle on a flat note at 74.83 (provisional) against the U.S. dollar on February 2, even as the domestic equities closed on a positive note.

Forex traders said higher-than-expected borrowing in the next financial year and weak fiscal deficit projections from the government weighed on investor sentiments.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 183.60 crore on February 2, and domestic institutional investors (DIIs) bought shares worth Rs 425.96 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a negative note as SGX Nifty was down 65 points at 17,789.20 at 8:30 am.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

The Indian equity market extended gains a day after Finance Minister Nirmala Sitharaman presented her fourth consecutive Union Budget. Positive global cues also helped the indices end higher for the third consecutive session. Sensex ended 695 points higher at 59,558 and Nifty rose 203 points to 17,780.

IndusInd Bank, Bajaj Finserv, HCL Tech were the top Sensex gainers, rising up to 5.57%. TechM , Nestle, Ultratech Cement, and Maruti were among the top Sensex losers, falling up to 1.61%.

Of 30 Sensex stocks, 21 ended higher.

Market cap of BSE-listed firms rose to Rs 270.68 lakh crore.