Indian benchmark indices, Sensex and Nifty 50, are likely to open in the red in the trading session of January 31, a day ahead of the Budget 2024 speech by Union Finance Minister Nirmala Sitharaman.

Overnight cues are quite mixed. The US market ended mixed with the NASDAQ bearing the brunt of selling pressure in Alphabet and Microsoft following earnings. Asian shares fell broadly in morning trade as Chinese markets wobbled after an official factory survey showed China's manufacturing activity in January contracted for a fourth straight month.

Meanwhile, GIFT Nifty indicated a start in the red for the domestic market. The index was trading 0.20% lower at 21,627 at 8:38 am, lower than Nifty 50’s close of 21,522.10 in the previous session.

Key stocks to track: Maruti Suzuki, L&T, Dr Reddy's, Ambuja Cement, Shree Cement, Sun Pharma and more

Tune in to Marketbuzz Podcast for more cues