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Market Review

US

U.S. stocks were mixed after the close on Tuesday, as gains in the Telecoms, Basic Materials and Financials sectors led shares higher while losses in the Technology, Consumer Services and Consumer Goods sectors led shares lower

Asia

Asian shares risked falling for a fourth straight session on Wednesday as sentiment took a knock from a selloff in large cap Wall Street tech darlings, combined with talk of rising U.S. interest rates.

India

Domestic benchmark indices began trading in the positive territory but gave up all gains to finishing deep in the red. S&P BSE Sensex ended at 48,253, down 465 points while Nifty 50 index closed just shy of14,500. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy:

The U.S. trade deficit jumped to a record high in March amid roaring domestic demand, which is drawing in imports, and the gap could widen further as the nation's economic activity rebounds faster than its global rivals. Manufacturers lack the capacity to satisfy the surge in demand because of resource constraints and bottlenecks in the supply chain. Inventories are very lean. Demand is being driven by a rapidly improving public health situation and massive government aid to households and businesses to cushion the blow from the COVID-19 pandemic. The trade deficit increased 5.6% to an all-time high of $74.4 billion in March. The trade gap was in line with economists' expectations. German companies are increasingly optimistic about their operations in China and North America, but they took a dimmer view of their prospects in eastern Europe and South America.

Commodities:

Oil extended a rally after U.S. stockpiles fell and investors applauded reopening drives in the U.S. and Europe that will aid demand. Gold prices were flat on Wednesday, as concerns overpossibility of higher U.S. interest rates countered a subdued dollar, while palladium held firm after scaling a record high in the previous session.

Currency:

The dollar tried to extend a rally on Wednesday as chatter about the possibility of higher U.S. interest rates and a sell-off in tech stocks soured risk sentiment to the benefit of the safe-haven currency.

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