Asian markets were set to rise on Thursday after U.S. stocks closed at record highson - Nirmal Bang
Market Review
US:
U.S. stocks closed at record highs on Wednesday as Joe Biden was sworn in as the46th U.S. president, while solid results from Netflix sparked a rally in sharesof "stay-at-home" beneficiaries.
Asia:
Asian markets were set to rise on Thursday after U.S. stocks closed at record highson hopes that newly inaugurated U.S. President Joe Biden would put in placefurther economic stimulus to offset damage wreaked by the COVID-19 pandemic.
India:
Domestic equity market benchmarks BSE Sensex and Nifty 50 ended at fresh all-time highlevels on Wednesday, primarily due to buying in Reliance Industries Ltd and ITstocks. BSE Sensex settled 394 points or 0.80% higher at 49,792.12, while thebroader Nifty 50 index settled at 14,644.70, up 123.55 points or 0.85%. Market is expected to open gap up and likely to witness positive move during the day
Global Economy:
U.S. homebuilder confidence in the market for single family homes unexpectedly fellin January, pulled down by surging COVID-19 infections and more expensivelumber, though the housing market remains underpinned by record low mortgagerates. The NAHB/Wells Fargo Housing Market index slipped to a reading of 83this month from 86.
Economists polled by Reuters had expected the index wouldbe unchanged at 86. British inflation gathered speed in December, starting what is expected to be a climbthis year as pandemic-fighting measures, Brexit and a recovery in the economycombine to push up costs for consumers and businesses.
Consumer prices rose0.6% in annual terms after a 0.3% increase in November. A Reuters poll ofeconomists had pointed to a rate of 0.5%.
Commodities:
Oil erased its increase after an industry report showed U.S. stockpiles grew lastweek, heightening concerns over lackluster consumption. Gold eased from a two-week high on Thursday as investors booked profits after pricesjumped in the previous session on hopes of a massive U.S. stimulus packageunder the new Joe Biden administration.
Currency:
The dollar held losses versus most major peers on Thursday as optimism that a massiveU.S. stimulus package under the new Joe Biden administration will bolstergrowth sapped demand for safe-haven currencies.
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