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Market Review

US:

Bulls returned to the stock market today, following a dovish statement from the Federal Reserve on the cost of money. The Nasdaq turned a more than 1% morning drop into a 0.4% gain. Meanwhile, the S&P 500 edged up 0.3%, lagging a 0.6% gain by the Dow Jones Industrial Average.

Asia:

Asian stocks were set for modest gains on Thursday after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.

India:

A sharp selloff engulfed domestic markets in the second half of the trading session amid fears that a second-wave of Covid-19 infections could derail India's already fragile economic recovery. India today reported 28,903 fresh cases, the most in a day since December 13 last year and the highest in 2021. The BSE barometer Sensex ended closer to day's low as it slipped 1.12% or 562 points to 49,802 while Nifty shed 1.27% or 189 points to 14,721. Market is expected to open gap up and likely to witness positive move during the day.

Global Economy:

The U.S. economy is heading for its strongest growth in nearly 40 years and central bank policymakers are pledging to keep their foot on the gas despite an expected surge of inflation.

While inflation is expected to jump to 2.4% this year, above the central bank's 2% target, that is viewed as a temporary surge that will not change the Fed's pledge to keep its benchmark overnight interest rate near zero as part of an effort to ensure the economic wounds from the pandemic are fully healed.

U.S. homebuilding dropped to a six-month low in February as severe cold gripped many parts of the country, in a setback for a housing market that remains supported by extremely lean inventories amid strong demand for larger homes. Housing starts fell 10.3% to a seasonally adjusted annual rate of 1.421 million units last month, the lowest level since last August

Commodities:

Oil prices dropped for a fifth day on Thursday after official data showed a sustained rise in U.S. crude and fuel inventories, while the ever-present pandemic clouded the demand outlook. Gold prices rose on Thursday, as the dollar weakened after the U.S. Federal Reserve kept the interest rate unchanged and reiterated its stance to keep benchmark rates near-zero through at least 2023.

Currency:

The dollar was up on Thursday morning in Asia, with the U.S. Federal Reserve saying it was in no rush to raise interest rates through all of 2023 even after predicting a Vshaped recovery in the U.S. economy.

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