Sensex, Nifty to open lower ahead of Economic Survey; L&T, Wipro, IRCON shares eyed

Indian share markets are seen opening lower on Friday ahead of the Economic Survey 2025, tracking weak trend at Gift Nifty and mixed cues from global market. Asian stocks were trading mostly lower today, following subdued closing at Wall Street overnight, led by fall in chipmaker stocks such as SK Hynix Inc. and Samsung Electronics Co. amid concerns about valuations of artificial intelligence companies. Meanwhile, the Gift Nifty futures were trading 32 points, or 0.14%, lower at 23,436 mark.

Investors will closely watch the Economic Survey 2024-2025 to be tabled in the Parliament today by the Finance Minister Nirmala Sitharaman ahead of the Union Budget 2025 on February 1. Investors will react to earnings numbers of Larsen and Toubro, IndusInd Bank, Sun Pharmaceutical, Nestle India, Punjab National Bank.

“The upcoming budget may be seen as an inflection point, which is likely to reverse the current bearish trend if the policies restore growth and consumption. As the long-term story is intact, investors are focusing on stocks and sectors where operational metrics and valuations are favourable,” said Vinod Nair, Head of Research, Geojit Financial Services.

Wall Street ends higher on Q4 GDP Meta, Tesla boost

In the overnight trade, U.S. closed higher on Thursday as investors cheered management commentary of Meta and Tesla after their December quarter earnings, while the U.S. dollar advanced on Q4 GDP numbers. The upmove was capped amid concerns about potential tariffs after President Donald Trump threatened again that the United States will impose a 25% tariff on imports from Mexico and Canada. Late Wednesday, Tesla and Meta released mixed results, but investors sentiment was boosted after Meta’s management reiterated their artificial intelligence spending plans. Elon Musk-led carmaker shares gained nearly 3% after its management said that the company was on track to roll out new, cheaper electric vehicle models in the first half of 2025. At the close, the Dow Jones Industrial Average was up about 0.4%, the S&P 500 added 0.5%, and the Nasdaq Composite gained 0.25%.

Asian Markets mixed in thin holiday trade

The share markets in Asia Pacific region were trading mostly lower, following subdued closing at Wall Street overnight, amid fresh concerns about the U.S. tariff policies after President Trump repeated that his administration will take a call whether to impose a 25% tariff on imports of Mexican and Canadian oil, effective from February 1. South Korea’s KOSPI dropped over 1.2%, led by fall in korean chipmakers SK Hynix Inc. and Samsung Electronics Co., after the market reopened after the Lunar New Year holidays.  Japan’s Nikkei 225 was marginally up by 0.1%, while Singapore’s Straits Times Index lost over 1%. Australia’s ASX 200 ended 0.3% higher. Other major market, including those in Hong Kong, mainland China, and Taiwan, remained closed for the Lunar New Year holiday.

Domestic markets end higher amid Budget optimism

The benchmark indices Sensex and Nifty ended higher for the second consecutive session in run-up to the Budget despite volatility in the market due to monthly expiry, with India VIX, which measures volatility, rising by 6.70%. The S&P BSE Sensex closed 226.85 points higher at 76,759.81, while the NSE Nifty50 gained 86.40 points to settle at 23,249.50. On the sectoral front, realty, energy, and pharma indices were top performers, while IT, media, and auto were among lagged. The broader market saw some recovery after recent slump, with the Nifty Smallcap100 index and the Nifty Midcap100 ending on flat note.

Stocks to watch

Q3 results

Oil and Natural Gas Corporation, IndusInd Bank, Sun Pharmaceutical, Nestle India, Punjab National Bank, Bandhan Bank, UPL, Vedanta, Aster DM Healthcare, Cholamandalam Investment, Marico, Pfizer, and Vishal Mega Mart are set to announce their quarterly earnings today.

Wipro: The IT major has signed a deal with Etihad Airways for its IT transformation and cost optimisation.

Ircon International: The company’s joint venture has secured an EPC contract worth Rs 631.2 crore from the Public Works Department, Manipur.

JSW Steel: Jsquare Electrical Steel Nashik, a wholly owned subsidiary of JSW JFE Electrical Steel, has completed the acquisition of 100% equity interest in thyssenkrupp Electrical Steel India for Rs 4,158.6 crore.

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