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Market Review

US:

he Dow Jones Industrial Average climbed as both the blue chip index and the S&P 500 notched new intraday highs. The Nasdaq also rose substantially, with a gain of over 300 points, leading the major indexes.

Asia:

Asia-Pacific markets drifted higher Friday, taking cues from Wall Street where U.S. stocks climbed to record highs overnight.

India:

ulls were in command of the equity markets for the third day in a row as exuberance returned to the Street amid marginal ease in bond yields and cheap valuations. Amid a fall in volatility, the benchmark S&P BSE Sensex advanced 254 points, or 0.5%, to end at 51,279.5 levels. On the NSE, the Nifty50 index ended at 15,175 levels, up 76 points or 0.5%. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

The number of Americans filing new claims for jobless benefits dropped to a four month low last week as an improving public health environment allows more segments of the economy to reopen, putting the labor market recovery back on track. Still, a full recovery from the deep scars inflicted by the COVID-19 pandemic will probably take years, with the weekly unemployment claims report from the Labor Department on Thursday also showing a whopping 20.1 million Americans collecting unemployment checks in late February. The U.S. government posted a budget deficit of $311 billion in February, a record high for the month and up $76 billion from the same month last year, as outlays to fight the coronavirus pandemic remained high. Current optimism on growth in US is largely driven by the House of Representatives passing President Joe Biden's $1.9 trillion relief aid in response to the pandemic. With more stimulus coming and plenty of pent-up demand and strong savings levels to fuel it, there is a strong likelihood that all the lost output will have been regained by the end of Q2.

Commodities:

rent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support. Gold prices inched up on Friday and were on course to mark their best week in seven, as easing U.S. Treasury yields and dollar lifted the metal's appeal.

Currency:

The safe-haven dollar languished near a one-week low on Friday as calming bond markets lifted investor sentiment and appetite for Asian currencies.

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