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Market Review

US:

U.S. stocks were lower after the close on Thursday, as losses in the Basic Materials, Oil & Gas and Technology sectors led shares lower.

Asia:

Asian shares rose on Friday after the European Central Bank left policy unchanged, extending a rebound following a sharp selloff earlier in the week, but gains were capped as investors considered the impact of a possible U.S. capital gains tax hike.

India:

Indian indices, Sensex and Nifty ended higher Thursday led by gains in metals and banking stocks amid positive global cues. Midcaps and smallcaps indices gained. FMCG, pharma and IT indices ended in the red.Market is expected to open on a flattish note and likely to witness sideways move during the day

Economy:

Japan’s manufacturing activity expanded for a third month in April while a contraction in the service sector continued amid a fresh wave of coronavirus infections.The au Jibun Bank Japan’s purchasing managers index for manufacturing sector activity rose 0.6 point to 53.3, while its measure of service sector activity was unchanged at 48.3 U.S. home sales fell to a seven-month low in March, pulled down by an acute shortage of properties, which is boosting prices and making owning a house more expensive for some first-time buyers.Existing home sales dropped 3.7% to a seasonally adjusted annual rate of 6.01 million units last month, the lowest level since August 2020 The number of Americans filing new claims for unemployment benefits fell to a 13-month low last week, suggesting layoffs were subsiding and strengthening expectations for another month of blockbuster job growth in April as a re-opening economy unleashes pent-up demand. Initial claims for state unemployment benefits decreased 39,000 to a seasonally adjusted 547,000 for the week ended April 17, the lowest since mid-March 2020

Commodities:

Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India's raging second wave of COVID-19 cases kept a lid on gains. Gold gained on Friday and was poised for a third straight weekly rise as a softer U.S. dollar, falling Treasury yields and a dip in equities after U.S. President Joe Biden's proposal to hike capital gains tax encouraged investors to flock towards bullion. 

Currency:

The dollar was hemmed into a narrow trading range on Friday as traders contemplate the next moves by major central banks ahead of a U.S. Federal Reserve meeting next week.

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