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Market Review

US:

Another rally in technology stocks looked good for a while Tuesday, when the Nasdaq composite was up 1.2% intraday. But early gains faded and the Nasdaq 100 got turned away at its 50-day moving average. The Dow Jones Industrial Average eased 0.4%.

Asia:

Asia-Pacific markets fell on Wednesday as investors wait for the outcome of the U.S. Federal Reserve’s two-day policy meeting later in the day.

India:

Indices extended their decline into the third day on Tuesday as investors fretted over rising cases of Covid-19 cases in the country and amid new localised restrictions. Given this, the benchmark S&P BSE Sensex tumbled nearly 500 points from day's high and ended 31 points, or 0.06%, lower at 50,364 levels. On the NSE, the Nifty50 closed at 14,910 levels, down 19 points or 0.13%. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

Output at U.S. factories plunged in February, depressed by winter storms in Texas, which put some petroleum refineries, petrochemical facilities and plastic resin plants out of commission for the rest of that month. Manufacturing production dropped 3.1% last month, also weighed down by a global semiconductor shortage. U.S. retail sales fell more than expected moderately in February amid bitterly cold weather across the country, but a rebound is likely as the government disburses another round of pandemic relief money to mostly lower- and middle-income households. Retail sales dropped by a seasonally adjusted 3.0% last month.

The European Central Bank is aiming to stop bond yields from rising before the pandemic-hit euro zone economy is ready to digest higher borrowing costs. The ECB decided last week to accelerate bond purchases for the next three months to counter a rise in bond yields, which policymakers deem at least partly unwarranted for an economy still struggling under the COVID-19 pandemic.

Commodities:

Oil was steady in Asian trading after an industry report pointed to shrinking U.S. crude and gasoline stockpiles as the market took a breather following a sustained slide that dragged prices below $65 a barrel. Gold prices steadied below last session's two-week high on Wednesday as the dollar stood firm, with investors eyeing the outcome of the U.S. Federal Reserve's two-day meeting for its outlook on economy.

Currency:

Major currencies held tight ranges on Wednesday as investors looked to the U.S. Federal Reserve's policy meeting for any indications it could start rate hikes earlier or let bond yields rise further.

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