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Market Review:

US

U.S. stocks closed higher Friday, booking weekly gains with support from data confirming an economic recovery from the coronavirus pandemic, despite inflation running at its highest annual rate in about 13years.

Asia:

Asian stocks were mixed Monday in holiday-thinned trading as investors prepared for a key Federal Reserve meeting later in the week.

India:

The Sensex closed at 52,474.76, up 174.29 points, or 0.33% ,while the Nifty was at 15,799.35, up 61.60 points, or 0.39%. Auto, IT, metal and pharma stocks led Nifty gains. Among broader indices, BSE midcap and smallcap indices closed 0.14% and 0.40% higher, respectively. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy:

Mexican industrial output fell m-o-m for the first time in 11 months in April, even as activity rose by a record margin from the previous year thanks to a rebound from a pandemic-induced contraction in 2020. Compared with March, industrial output dropped 0.2% in seasonally adjusted terms as expansion in the mining sector was offset by declines in manufacturing, construction and energy

Britain's recovery from the COVID-19 pandemic sped up in April as lockdown measures eased, with the fastest monthly growth since July leaving output a record 27.6% higher than a year earlier, when the virus was rampant and lockdown tightest. Economic output rose by 2.3% month-on-month in April, marking the fastest growth since July, and slightly above the Reuters poll consensus for a 2.2% increase. Vehicle sales in China fell 3% in May from the same month a year earlier, snapping a streak of 13 consecutive months of gains since April 2020. Overall sales in the world's biggest car market totaled 2.13 million vehicles in May.

Commodities:

Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Gold prices fell to a more than one-week low on Monday, weighed down by a stronger dollar as focus turns to the Federal Reserve policy meeting this week with recent spikes in U.S. consumer prices seen as a temporary blip.

Currency:

The U.S. dollar held steady against major currencies on Monday, after posting its biggest weekly gain in more than a month, as traders closed short positions ahead of a Federal Reserve policy meeting this week.

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