Indian benchmark indices, Sensex and Nifty 50, are likely headed for a strong start in the trading session of February 2, a day after Finance Minister Nirmala Sitharaman presented an interim budget for 2024. 

India's GIFT Nifty was trading at 21,912 points as of 8:20 a.m. IST, suggesting the NSE Nifty 50 will open above its February 1 close of 21,697.45.

Asian shares also gained in morning trade after US labour market data indicated a cooling economy, providing support to the Federal Reserve to combat inflation. Wall Street equities closed higher overnight aided by Meta’s strong results and buyback announcement.

Brent crude futures rose 50 cents, or 0.6%, to $79.20 a barrel at 7:25 am, while U.S. West Texas Intermediate crude futures gained 40 cents, or 0.5%, to $74.22 a barrel.

In the domestic market, towards the end of the previous trading session, markets erased the opening gains to end with minor cuts. The market is likely to deeply analyse the budget and there might be reactions to that.

Stocks to watch: Metal, pharma, and auto stocks, Paytm, Bandhan Bank and more

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