IGI Logo

Market Review

US:

Wall Street ended firmer on Wednesday in a partial rebound from the previous day's broad sell-off, with remarks from U.S. Federal Reserve Chairman Jerome Powell and the ongoing debt ceiling debate keeping a lid on gains.

Asia:

Asian stocks looked set for a muted open after U.S. equities pared most of their gains as a rally in technology shares petered out.

India:

Domestic equity market benchmarks BSE Sensex and Nifty 50 closed with losses on Wednesday, a day ahead of the monthly futures and options expiry. S&P BSE Sensex recovered from intra-day lows and closed 254 points or 0.43% lower at 59,4113. NSE Nifty 50 turned positive during the day but failed to hold gains and closed 37 points or .21% lower at 17,711 points. Market is expected to open flattish note and likely to witness sideways move during the day.

Economy:

China's factory activity unexpectedly shrank in September as high raw material prices and power cuts pressured manufacturers in the world's second-largest economy, while the services sector returned to expansion as COVID-19 outbreaks receded. The official manufacturing PMI was at 49.6 in September versus 50.1 in August, slipping into contraction for the first time since February 2020. Analysts in a Reuters poll had expected the index to remain steady at 50.1, unchanged from the previous month.

Contracts to buy U.S. previously owned homes rebounded to a seven-month high in August, but higher prices as supply remains tight are slowing the housing market momentum. Other data showed applications for loans to buy a house fell last week as mortgage rates increased after the Federal Reserve signaled it would likely begin reducing its monthly bond purchases as soon as November. There are indications that supply could improve in the fall.

Commodities:

Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilised following a recent run of gains. Gold prices inched up on Thursday but hovered near a sevenweek low, constrained by a strong dollar and expectations of the U.S. Federal Reserve winding down stimulus measures soon.

Currency:

The dollar hovered near a one-year high versus major peers on Thursday, following a two-day surge amid expectations for a tapering of Federal Reserve stimulus from November and a possible interest rate hike in late 2022.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://investmentguruindia.com/Disclaimer/nirmal.html

SEBI Registration number is INH000001766

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer