Indices Open At New Highs On Mixed Global Cues

Indian market opened firm with Nifty topping fresh highs of 14244. On subdued Asian markets, Indian markets opened. Also, now the markets will get direction from budgetary expectations due to be announced on February 1, 2021.

Moreover, the Nikkei's services activity will be released today. In the pre-opening Nifty jumped by as much as 1%, making new highs of over 14300 points. Target seen for the Nifty on an immediate basis is 14310.

Top gainers in early trade have been stocks like ONGC, Titan Company, GAIL, Divis Labs and Tata Steel, while laggards include Eicher Motors, ITC, Grasim, Axis Bank and Infosys.

HDFC Bank in its Q3 business update showed that loan growth witnessed a jump of 19 percent. The stock gained over Indigo is another stock that shall be in focus today as the airline will be able to operate long distance airlines with its 29 Airbus A320/A321neos, powered by modified P&W engines, getting extended diversion time operations (EDTO) approval from aviation regulator DGCA Oil prices jumped to $54 per barrel after Saudi Arabia committed to additional, voluntary oil output cuts of one million barrels per day in February and March.

Meanwhile, Asian markets traded weak with Japan's Nikkei down. This is as investors await election outcome in the state of Georgia.

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