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Budget Week to be One of the Strongest for Indian Markets; All Eyes on RBI

Published 05-02-2021, 08:52 am
Updated 05-02-2021, 08:54 am
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By Aditya Raghunath

Investing.com -- All indicators point to a solid opening for Indian markets. Nifty is likely to open over 14,900 and BSE Sensex is likely to open strong over the 50,000 mark. From the looks of it, this Budget week will be one of the strongest weeks in Indian market history.

 
Nifty 50 Futures in Singapore are trading up 0.45% and that is the strongest indicator that the markets will open higher.
 
RBI (Reserve Bank of India) is expected to continue its soft stance on interest rates with the Monetary Policy Committee meeting today. The Repo rate is expected to be fixed at 4%.
 
US markets had a good day yesterday. The Dow Jones Industrial Average closed up 1.08%, S&P 500 gained 1.09%, at close and the Nasdaq Composite ended up, or 1.23% on the announcement of a strong stimulus program.
 
US jobs report showed that 779,000 Americans sought unemployment benefits last week. This number is lower than 812,000 the week before that but it is still high. This is the main reason why President Joe Biden wants to push through a $1.9 trillion stimulus program, on the back of a $900 billion package last year.
 
Asian markets have also opened strong with the Nikkei trading up 1.37% and Kospi trading up 0.87% at the time of this report.
 
US futures are all trading up with Dow Jones 30 Futures and S&P futures up 0.16% and Nasdaq 100 Futures up 0.2%.
 
Crude oil has gained 0.73% and is trading at $56.63.

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