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Market Review

US:

Wall Street indexes closed mixed on Wednesday, with the NasdaqComposite and S&P 500 falling despite another record intraday high for thelatter and big banks' stellar results on the first day of earnings season.

Asia:

Asian shares were on the backfoot on Thursday following mixed cues from Wall Street where a sharp sell-off in the largest bitcoinexchange Coinbase hit tech shares while the dollar index struggled nearone-month lows.

India:

Having moved in a narrow band through the day, Indianequities rallied in the last hour of trade cheering the government's proposalto fast-track approvals for covid-vaccines made by foreign producers andapproved by global health agencies. The Sensex jumped 660.68 points, or 1.38%,to end at 48,544.06, while the Nifty closed 194.00 points, or 1.36% higher at14,504.80.Market is expected to open gap up and likely to witness sideways move during the day

Economy:

British workers' average hourly output rose by 0.4% lastyear, despite a fall of nearly 10% in total production due to the coronavirus pandemic, as lower-paid jobs bore the brunt of COVID lockdown measures. Britain's Office for National Statistics said the productivity impact of last year'seconomic collapse - the biggest in more than 300 years - differed from the2008-09 financial crisis due to the types of jobs affected.

Japan's core machinery orders unexpectedly fell the most inabout a year in February, dashing hopes for a pick-upin capital expenditure needed for a private sector-led recovery from thecoronavirus-induced slump. Policymakers are counting on companies to spendtheir huge cash piles on investment in plant and equipment and wage hikes tohelp pull the world's third-largest economy out of deflation and stagnation.

Commodities:

Oil prices were lower on Thursday though holding nearone-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as majoreconomies recover from the pandemic. Gold prices rose on Thursday as a weaker dollar boosted the safe-haven metal's appeal, while investors awaited the release of weekly jobless claims and March retail sales data in the United States later in the day.

Currency:

The dollar nursed losses on Thursday, holding near a three-week low against a basket of currencies as U.S. bond yields pulled back from last month's surge with investors buying the Federal Reserve's arguments that interest rates can stay low.

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