Stock Market Updates: Sensex Jumps 250 pts, Nifty Above 17,700; BPCL Gains 3%

Last Updated: January 31, 2023, 09:31 IST

Tuesdayโ€™s session may see considerable volatility as investors track Parliamentary developments. The Budget Session of the Parliament will begin today with the Economic Survey of 2022-23 being tables. The Union Budget of 2023-24 will be presented on Feb 1.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: โ€œThe Budget tomorrow and the Fed decision on interest rates by evening tomorrow will have a big impact on markets. A positive, as we go into the Budget, is that instead of the usual pre-Budget rally on expectations, this time we had a market correction. So, if there are no negative surprises in the Budget and the Fed commentary is not hawkish, there can be a post-Budget rally in the market.โ€

โ€œThere has been overreaction in banking stocks with Bank Nifty correcting sharply by 6.2% in the last 3 sessions. High quality banking stocks present a good buying opportunity. Signals from the US indicate that Indian IT will do well in 2023,โ€ he added.

Global Cues

Tokyo stocks opened slightly higher on Tuesday led by a weak yen after Wall Street finished lower due to investor caution ahead of key central bank announcements.The benchmark Nikkei 225 index was up 0.06 percent, or 15.78 points, at 27,449.18 in early trade, while the broader Topix index added 0.30 percent, or 5.95 points, to 1,988.35.

Asian shares traded cautiously and bonds nursed small losses on Tuesday as investors braced for an eventful week that includes central bank meetings, a slew of earnings reports and key U.S. economic data.

Overnight, the US markets declined up to 2 per cent ahead of the US Fed meeting, which begins later tonight, and big corporate earnings.

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