One day to go for the budget - how is the market likely to open today?  

Trends in the GIFT Nifty indicate a muted start for the broader index. On Jan 30, benchmarks ended lower in a volatile session amid selling in heavyweights. Investors are cautious ahead of the upcoming FOMC meeting, interim budget, and escalating tensions in the Middle East. US markets closed lower as the market awaited a spate of earnings and the Federal Reserve convened for its monetary policy meeting. The US dollar headed for its biggest monthly gain since September. Asian markets were trading lower in early trade.

The IMF raised its 2024 global growth forecast to 3.1%, citing unexpected 'resilience' in major advanced and EM economies. IMF has raised its 2024-25 GDP growth forecast for India by 20 bps to 6.5%. Oil prices rose on Tuesday as a higher global economic growth forecast and escalating tensions in the Middle East offset concerns around Chinese demand.