IGI Logo

Market Review

US:

The stock market offered up a mixed cheer Monday following the Biden administration's nomination of Jerome Powell for another term as Federal Reserve chairman. Market benchmarks finished mixed, with the tech-weighted Nasdaq lagging into the close. Meanwhile, the Dow Jones finished higher.

Asia:

Shares in Asia-Pacific were mostly lower in Tuesday trade as investors watched for market reaction to U.S. President Joe Biden picking Jerome Powell for a second term as Federal Reserve chair.

India:

Multiple headwinds triggered panic-selling in equity markets, with bear-hammering entering a fourth straight day on Dalal Street on Monday. Globally, return of lockdown-like restrictions across various European countries, along with persistent FII selling across emerging markets, including India, dented sentiment. Overall, the BSE Sensex tumbled over 1,600 points and touched the 58,000 mark in the intra-day trade. By close, the index stood at 58,466, down 1,170 points, or nearly 2%, from its previous close. It is now down over 3,700 points from its record high level of over 62,245. Meanwhile, its NSE counterpart, the Nifty50, ended at 17,416, down 348 points, or 2%. The index is down nearly 1,200 points from its record high. Meanwhile, in the broader markets, the BSE MidCap and SmallCap indices cracked 3 per cent each. Market is expected to open gap down and likely to witness selling pressure during the day.

Global Economy:

U.S. home sales unexpectedly rose in October, reaching their highest level in nine months, though higher prices amid tight supply continued to sideline first-time buyers from the market. Existing home sales rose 0.8% to a seasonally adjusted annual rate of 6.34 million units last month.

Commodities:

Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe. Gold prices edged up on Tuesday but hovered close to their lowest level in more than two weeks hit in the previous session, as the dollar gained on U.S. President Joe Biden's nomination of Federal Reserve Chair Jerome Powell for a second term.

Currency:

The dollar was near a four-and-a-half-year top against the yen on Tuesday, after Federal Reserve Chair Jerome Powell was reappointed for a second term, emboldening bets on higher U.S. interest rates.

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