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Market Review

US:

Dow Jones Industrial Average lost 0. 4% after trading up over 1%. The Nasdaq composite closed at break-even after erasing gains of over 2%. Meanwhile, the S&P 500 fell 0.1% and the Russell 2000 small-cap index traded down 1.5%

Asia:

Asia - Pacific markets declined on Thursday as investors digest an overnight update from the U.S. Federal Reserve that indicated the central bank plans to raise interest rates as soon as March

 India:

Equity markets reversed losses during the second half of the trading session as global markets looked to stablise post a manic Monday. Indian stock markets snapped their five-day bear hammering, with benchmarks ending 0.6% higher on Tuesday. In the broader market, the BSE MidCap index ended 1% higher while the BSE SmallCap index added 0.8%. Market is expected to open gap down and likely to witness selling pressure during the day

Economy:

The Federal Reserve is likely to hike interest rates in March and reaffirmed plans to end its bond purchases that month in what U.S. central bank chief Jerome Powell pledged will be a sustained battle to tame inflation. Much was left undecided after the end of the Fed's latest two-day policy meeting, including the pace of subsequent rate hikes or how quickly officials will let its massive balance sheet decline. Sales of new U.S. single-family homes jumped to a nine-month high in December, boosted by a severe shortage of previously owned houses on the market. New home sales increased 11.9% to a seasonally adjusted annual rate of 811,000 units last month, the highest level since March. November's sales pace was at 725,000 units. Sales dropped 14.0% on a year-on-year basis in December. They peaked at a rate of 993,000 units in January, which was the highest since the end of 2006

Commodities:

 Oil prices fell on Thursday as investors cashed in profits from the 2% gains in the previous session after the U.S. Federal Reserve indicated an interest rate hike in March, leading to a technical correction in surging energy markets. Gold was flat on Thursday, holding near a one-week low hit in the previous session, after the Federal Reserve decided on March rate hikes

Currency

The dollar hit multi-week highs against other major currencies on Thursday, bolstered after Federal Reserve chair Jerome Powell primed investors for U.S. rate hikes beginning in March.

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