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Market Review

US:

U.S. stocks were mixed after the close on Monday, as gains in the Financials, Healthcare and Utilities sectors led shares higher while losses in the Oil & Gas, Technology and Consumer Services sectors led shares lower.

Asia:

Asian stocks were in the red on Tuesday as surging COVID19 cases in China hit the confidence of investors who are already worried about the Ukraine war and the first U.S. interest rate rise in three years, which could come this week. India: Equity benchmark Sensex rallied 936 points on Monday, helped by heavy buying in banking and IT counters along with the decline in oil prices amid hopes of headway in renewed diplomatic talks between Russia and Ukraine.Market is expected to open on a flattish note and likely to witness sideways move during the day

India:

Benchmark indices bucked the weak Asian trend and rose on Friday as the Assembly elections' euphoria extended into a second day. However, developments around the Ukrainian war, commodity prices, and the US inflation data kept the markets volatile through the day. The S&P BSE Sensex hit a high of 55,834 in early deals but eased off to end at 55,550, up 86 points or 0.15%. The Nifty50, on the other hand, settled at 16,630, up 35 points or 0.2%. Market is expected to open gap down and likely to witness selling pressure during the day.

Global Economy:

China’s economy started the first two months of the year on a strong footing, although risks are growing as the number of local coronavirus cases surge and global energy prices spike due to Russia-Ukraine tensions.Industrial output grew 7.5% in the two months through February Tourists in the European Union more than tripled the nights they spent in short-stay accommodation in December compared with a year earlier, though levels remained well below pre-pandemic norms.The nights spent in EU short-stay tourist accommodation surged 237% to 102.2 million nights in December compared to a year earlier. Ukraine's economy is expected to contract by 10% in 2022 as a result of Russia's invasion, but the outlook could worsen sharply if the conflict lasts longer, the IMF said

Commodities:

Oil prices slid to a two-week low on Tuesday on continued ceasefire talks between Russia and Ukraine and concerns about demand in China after a surge in COVID-19 cases. Gold prices fell on Tuesday to their lowest in more than a week, as U.S. Treasury yields surged ahead of an expected rate hike from the Federal Reserve, and as hopes for progress in RussiaUkraine talks further dampened the metal's safe-haven appeal.

Currency:

The yen remained under pressure on Tuesday and the Australian dollar was bruised by the latest lockdowns in China following new COVID-19 outbreaks, but moves were more muted than in recent days as traders eyes turned to this week's Fed meeting.

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