Market is expected to open on a positive note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review
US: Wall Street closed lower on Friday after a report of slowing U.S. labor market growth, and all three major indexes posted weekly losses as investors braced for more possible downside surprises a day after disappointing earnings from Apple
Asia: Asian share markets were in a cautious mood on Monday after a mixed U.S. jobs report sparked a rally in beaten-down bonds, but new hurdles lay ahead in the shape of U.S. and Chinese inflation figures due later this wee
India: The benchmark indices ended on a positive note.The Sensex was up 480.57 points to end the day at 65,721.25 and the Nifty was up 135.35 points at 19,517.Nifty bank up by 366.05 points to 44,879.50. Market is expected to open on a positive note and likely to witness sideways move during the day.
Global Economy: The U.S. economy added fewer jobs than expected in July, but solid wage gains and a decline in the unemployment rate back to 3.5% pointed to continued tightness in labor market conditions. Nonfarm payrolls increased by 187,000 jobs last month, the Labor Department's survey of establishments showed. Data for June was revised lower to show 185,000 jobs added instead of the previously reported 209,000. The job growth in June was the slowest since December 2020. Canadian economic activity contracted in July for the first time in seven months as a measure of employment fell, Ivey PMI.The seasonally adjusted PMI fell to 48.6 in July from 50.2 in June. It was the first reading below the 50 level that indicates a decrease in activity since December
Commodities: Gold prices rose slightly on Monday, recovering slightly after steep losses in the past week, while copper prices moved little before a slew of key U.S. and Chinese economic readings in the coming days. Oil prices traded sideways on Monday, sticking to their highest levels in nearly four months after major producers Saudi Arabia and Russia extended recent supply cuts, with focus now turning to key inflation readings this week
Currency: The dollar was on the back foot on Monday after a mixed U.S. jobs report provided little directional conviction and as market focus turned to inflation data from the world's two largest economies due this week.
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