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Market Review:

US

The Dow Jones Industrial Average rebounded further after an intense sell-off earlier this week that cost the index nearly 900 points. The S&P 500 and the Nasdaq composite also continued to rebound in Wednesday's market.

Asia:

Shares in Asia-Pacific were higher in Thursday morning trade, with markets in Japan closed for a holiday.

India:

Both Sensex and Nifty declined for the third straight day. BSE Sensex sunk 355 points or 0.7% to 52,199. Its NSE counterpart Nifty settled at 15,632, down 120 points or 0.8%. IndusInd Bank, Tata Steel and NTPC were the worst losers. Adian Paints, Ultratech, HUL and Nestle were other gainers from the Sensex pack. Sectorally, only the Nifty FMCG index closed in the green. Nifty Media, Metals and Realty indices declined over 2% each and were the top laggards. The fall in the broader market was more pronounced, with both Nifty Midcap and Nifty Smallcap shedding over 1.4%. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

The International Monetary Fund is estimating this month that global growth for 2021 will be about 6%, the same as forecast in April, but with some countries growing faster and others more slowly. The number of applications for U.S. home mortgages declined last week, driven by a decrease in both refinancing and purchase activity as mortgage rates rose. The Mortgage Bankers Association (MBA) said on Wednesday its seasonally adjusted market index fell 4.0% in the week ended July 16 from a week earlier. That reflected a 2.8% decrease in applications to refinance existing loans, while purchase applications declined 6.4% to their lowest level since May 2020.

Commodities:

Oil prices held on to most of their gains from the previous session on Thursday, as signs of stronger demand helped offset an unexpected rise in U.S. inventories. Gold inched lower on Thursday, as the dollar remained strong and investors looked past economic threats from rising cases of the Delta coronavirus variant and opted for riskier assets instead.

Currency:

The safe-harbour U.S. dollar and yen remained on the back foot on Thursday, after pulling back from multi-month highs amid a recovery in risk appetite as strong earnings lifted Wall Street stocks.

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