Now that the budget is done, one would imagine that the focus now moves back to everything else that the market was focusing before the budget.

Federal Open Market Committee (FOMC) commentary is hawkish but there was no further scare. As a result of this kind of commentary, the market pricing of what Fed will do in March – the probability for that 50 basis points (bps) hike is dropped from 20 percent two days back to 12 percent now.

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Trade setup for Feb 2: Can Nifty50 extend Budget day gain? Check out key market cues before Wednesday’s session

US stocks were largely consolidating yesterday (February 1, 2022) night but right into close, there was a surge. NASDAQ up about 0.75 percent, S&P500 up about 0.69 percent.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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