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Market Review

US:

all the major indexes closed near their highs of the day. The Nasdaq composite led on the upside as the S&P 500 notched another all-time high Thursday. At the market close, the smallcap Russell 2000 was up 1.5%. Meanwhile, the Nasdaq was up 1.8%, leading the market. The Dow Jones industrials gained 0.5%.

Asia:

Asian stocks little changed on Monday. Shares in Japan nudged higher while many major Asia-Pacific markets are closed for holidays.

India:

A tug of war between bulls and bears was ultimately won by the bulls on Thursday, the day of the expiry of the weekly F&O contracts. That apart, buoyancy in the global markets on the back of a $2 trillion US government spending plan, and record GST collection at Rs 1.24 trillion for the month of March back home gave the requisite armour to investors. Among the frontline indices, the benchmark S&P BSE Sensex reclaimed the 50,000-mark on a closing basis and ended at 50,030. Nifty50 index closed at 14,867 levels, up 177 points or 1.2%. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

The U.S. economy created the most jobs in seven months in March as more Americans got vaccinated and the government doled out additional pandemic relief money, marking the start of what could be the strongest economic performance this year in nearly four decades.

Nonfarm payrolls surged by 916,000 jobs last month, the biggest gain since last August. Data for February was revised higher to show 468,000 jobs created instead of the previously reported 379,000.

Still, employment remains 8.4 million jobs below its peak in February 2020. Economists had forecast payrolls increasing by 647,000 jobs in March. Job growth last month was led by the leisure and hospitality sector, where employers hired 280,000 workers.

Commodities:

Oil prices edged down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July. Gold prices held steady on Monday, buoyed by concerns over inflation after U.S. President Joe Biden announced a $2 trillionplus jobs plan last week, while a stronger dollar and elevated U.S. Treasury yields limited bullion's upside.

Currency:

The dollar was poised to extend gains against major currencies on Monday after the U.S. jobs report at the end of last week showed the nation’s labor market is recovering from the impact of the coronavirus shock.

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