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Market Review

US:

The S&P 500 and Nasdaq rose on Wednesday, boosted by gains in technology shares, and the three major Wall Street indexes registered their fourth straight quarterly rise as investors positioned themselves for President Joe Biden's massive infrastructure plan.

Asia:

Asia stocks rose Thursday as traders assessed U.S. President Joe Biden’s infrastructure plan. Treasuries held losses.

India:

Benchmark indices Sensex and Nifty closed lower tracking weak cues from Asian market. Sensex fell 627 points at 49,509 and Nifty ended at 14,690, down 154 points. On the sectoral front, banking stocks were the top losers, while rise in consumer durables stocks stemmed the fall Market is expected to gap up and likely to witness positive move during the day

Economy:

China's factory activity in March expanded at the slowest pace in almost a year on softer overall domestic demand, but underlying economic conditions remained positive even as input and output inflationary pressures intensified for manufacturers

The Caixin/Markit Manufacturing PMI dropped to 50.6 last month - the lowest level since April 2020 - from February's 50.9 Japan's factory activity expanded at a faster pace in March, as an uptick in orders pushed up output levels, with firms seeing demand recover further from the pain of the coronavirus pandemic at home and abroad.

PMI rose to a seasonally adjusted 52.7 in March from the previous month's 51.4 reading. President Joe Biden on Wednesday called for a sweeping use of government power to reshape the world's largest economy and counter China's rise in a $2 trillion-plus proposal that has been met with swift political resistance.Biden's proposal would put corporate America on the hook for the tab for projects putting millions of Americans to work building infrastructure such as roads as well as tackling climate change and boosting human services like elder care.

Commodities:

Crude prices rose on Thursday, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions. Gold prices edged a tick higher on Thursday, as expectations of a $2 trillion-plus stimulus plan in the United States raised concerns of inflation, while reports of a new vaccine-resistant virus strain also supported bullion's safe-haven appeal.

Currency:

The dollar held near a multi-month high against other major currencies on Thursday as investors bet fiscal stimulus and aggressive vaccinations will help the United States grow faster than other economies.

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