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Market Review

US:

The Dow slumped Friday, snapping its three-week win streak as a tepid rebound in tech and a sea of red across energy and financials soured investor sentiment.

Asia:

Asian shares rallied on Monday as some semblance of calm returned to bond markets after last week's wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy and sent oil prices higher.

India:

Domestic equity markets followed global markets and witnessed one of the steepest sell-offs since March last year. At the end ofthe trading session, Sensex was at 49,099 points, marginally higher from the intra-day low of 48,890. The broader Nifty 50 index closed at 14,529, after having reached an intraday low of 14,469 points. Market is expected to open gap up and likely to witness positive move during the day.

Economy

: China's factory activity expanded in February at a slower pace than a month earlier, hitting the lowest level since last May and missing market expectations after brief COVID-19-related disruptions earlier in the year. The PMI fell to 50.6 from 51.3 in January, remaining above the 50-point mark that separates growth from contraction. Analysts had expected it to decline to 51.1. U.S. consumer spending increased by the most in seven months in January as the government doled out more pandemic relief money to low-income households and new COVID-19 infections dropped, positioning the economy for faster growth in the first quarter. Despite the strong rebound in consumer spending, price pressures were muted. Inflation is being closely watched amid concerns from some quarters that President Joe Biden's proposed $1.9 trillion COVID-19 recovery package could cause the economy to overheat

Commodities:

Oil prices rose more than $1 on Monday on optimism in the global economy thanks to progress in a huge U.S. stimulus package and on hopes for improving oil demand as vaccines are rolled out. Gold edged higher on Monday, recovering from an eight-month low touched in the previous session, as a weaker dollar lifted bullion's appeal.

Currency:

The Australian dollar and other riskier currencies recovered some lost ground against the U.S. dollar on Monday, after suffering their biggest plunges in a year at the end of last week amid a hefty sell-off in global bond markets.

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