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Market Review

US:

U.S. stocks closed lower Wednesday as investors continued to pull back from the technology stocks that led the market higher for much of the last year.

Asia:

Asian markets will likely open mixed on Thursday after global equities dipped and U.S. investors considered which stock market sectors would most benefit from strengthening growth.

India:

Benchmark indices closed deep in the negative on Wednesday. S&P BSE Sensex closed 871 points lower at 49,180 while the 50-stock NSE Nifty closed 267 points down at 14,549. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

Euro zone business activity unexpectedly grew this month, a preliminary survey showed, but with much of Europe suffering a third wave of coronavirus infections and renewed lockdown measures, that may not last through April. Factories ramped up output at the fastest monthly pace in over 23 years, countering a continuing slowdown in the currency bloc's dominant services industry, which is far more vulnerable to lockdowns and the region's slow vaccine rollout. IHS Markit's flash composite PMI, seen as a good guide to economic health, bounced above the 50 mark separating growth from contraction, to 52.5 in March compared to February's 48.8, its highest since late 2018. German factory activity rose to a record high in March and the services sector expanded after five successive months of contractions, suggesting Europe's largest economy was shrugging off pandemic lockdowns. IHS Markit's flash Purchasing Managers' Index (PMI) of activity in the manufacturing sector shot up to 66.6, the highest reading since the survey started in April 1996. That compared with 60.7 in February and beat a Reuters poll forecast for areading of 60.8

Commodities:

Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal.

Gold prices were steady on Thursday as support from easing U.S. Treasury yields was offset by a strong dollar, which emerged as a preferred safe-haven amid growing concerns about extended lockdowns in Europe

Currency:

The dollar hit a fresh four-month high to the euro on Thursday as the U.S. pandemic response continued to outpace Europe's, which has been hobbled by extended lockdowns and delayed vaccine rollouts.

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