Published on 8/09/2021 8:51:32 AM | Source: Nirmal Bang Ltd

Market is expected to open gap up and likely to witness positive move during the day - Nirmal Bang

Posted in Market Outlook| #Nirmal Bang Ltd #Market Outlook

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Market Review

US: U.S. stocks fell with the S&P 500 in the red Tuesday as investors worried that the spread of Covid-19 will weigh on economic growth.

Asia: Asian shares hovered just off six-week highs on Wednesday, as a more risk-averse mood spread into the market from the United States overnight due to worries about slowing growth that hurt equities while helping the dollar firm

India: Domestic equity benchmark indices reached fresh alltime highs on Tuesday but failed to hold onto gains and ended the day with marginal losses. S&P BSE Sensex slipped 17 points to end at 58,279 or 0.03% lower. Nifty 50 was down 15.7 points on closing bell settling at 17,362, down 0.09%. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy: Japan's economy grew faster than the initially estimated in the April-June quarter, helped by solid capital expenditure, although a resurgence in COVID-19 is undermining service-sector consumption and clouding the outlook. Revised GDP data showed the economy grew an annualised 1.9% in April-June, beating median forecast for a 1.6% gain and the initial estimate of a 1.3% expansion

The euro zone economy grew by more than initially forecast in the second quarter of the year, with consumer rebounding sharply after two quarters of decline during pandemic lockdowns. The gross domestic product in the 19 countries increased by 2.2% qoq for a 14.3% yoy rise. These compared with earlier estimates of respectively 2.0% and 13.6%. China's exports unexpectedly grew at a faster pace in August thanks to solid global demand, helping take some of the pressure off the world's second-biggest economy as it navigates its way through headwinds from several fronts. Shipments from the world's biggest exporter in August rose 25.6% yoy, picking up speed from a 19.3.% gain in July, pointing to some resilience in China's industrial sector. Analysts polled by Reuters had forecast growth of 17.1%.

Commodities: Oil prices rose on Wednesday, paring overnight losses, with producers in the U.S. Gulf of Mexico struggling to restart operations nine days after Hurricane Ida swept through. Gold prices steadied on Wednesday, after slipping 1.6% in the previous session when it breached the key psychological level of $1,800, as gains in the dollar and a rise in U.S. Treasury yields hurt bullion's appeal.

Currency: The dollar hovered near a one-week peak on Wednesday against major peers, buoyed by higher Treasury yields and a weaker euro amid caution before a European Central Bank policy decision.


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