Stock market updates on February 02, 2024: A day after tepid finish to Interim, Budget day trading sessions, benchmark indices are likey to open notably higher on Friday backed by upbeat overseas cues.

At 07:00 AM, Gift Nifty futures quoted above 21,900 levels, suggesting a likely gap-up of over 100 points on the Nifty 50.

Among individual stocks – Bank of India, Delhivery, IndiGo, LIC Housing Finance, Medplus Health Services, Mahindra Holidays, NIIT, RateGain Travel Technologies, Sundaram Fasteners, Tata Motors, Titagarh Rail Systems, Torrent Pharma, TTK Healthcare, UPL and Whirlpool are likely to be in focus as these companies announce Q3 results today.

Global cues

Asian shares were seen tracking positive cues from the US. Hang Seng and Kospi had surged over 1.2 per cent. Nikkei and Straits Times gained 0.8 per cent, while Taiwan added 0.3 per cent.

On Thursday, the US market ended with strong gains as traders shifted their focus from a likely lack of rate cut in March to corporate earnings. Dow Jones gained 1 per cent. The S&P 500 and Nasdaq rallied up to 1.3 per cent.

According to CME Group’s FedWatch Tool, while bets for a rate cut in March dropped to 37 per cent, bets of a rate cut in May were seen around 96 per cent.

The 10-year US Tresury bond yield dropped further down to 3.865 per cent. Among commodities, Gold futures advanced to $2,070 per ounce, while Brent Oil dipped below $80 per barrel.