IGI Logo

Market Review

US:

Stocks were buoyed by positive economic data. The ISM services index popped to 56.7, well clear of the consensus estimate of 53.5. The Nasdaq fared best out of the major indexes, gaining 2.6%.The S&P 500 also impressed with a rise of 1.6%. The Dow Jones Industrial Average ended the day more than 400 points higher. It turned in a gain of 1.3%.

Asia:

Asian stocks rose Thursday morning as traders tracked a rally on Wall Street fuelled by a drop in oil prices and betterthan-expected US economic data.

India:

Fag-end buying lifted benchmark indices for a sixth straight day on Wednesday even as global markets remained tepid due to fresh US-China-Taiwan tensions and weak global growth concerns. All sectors, except IT and Financial Services, witnessed selling pressure today, led by auto, pharma, and public sector banks. The Sensex closed at 58,351, up 214 points or 0.37%. The Nifty50, on the other hand, ended at 17,388, up 43 points or 0.25%. In the broader market, the BSE MidCap and SmallCap indices slipped 0.6%, and 0.3%, respectively

Market is expected to open on positive note and likely to witness up move during the day.

Global Economy:

The U.S. services industry unexpectedly picked up in July as new orders grew solidly, supporting views that the economy was not in recession despite output slumping in the first half. The ISM's non-manufacturing PMI rebounded to a reading of 56.7 last month from 55.3 in June, ending three straight monthly declines. Economists had forecast a reading of 53.5. The surprise rebound followed the ISM's manufacturing survey on Monday showing factory activity slowing moderately last month. It was in stark contrast with the S&P Global survey showing the services sector shrinking in July. With borrowing costs down from their June peak, and falling gasoline prices likely to feed through to rising real disposable incomes, the immediate outlook for services is looking a little brighter

Commodities:

Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak US fuel demand.wth hitting fuel demand and a firmer dollar

Gold prices edged higher on Thursday (Aug 4), buoyed by a pullback in the dollar and US Treasury yields, while investors awaited the US non-farm payrolls report later this week that could offer more cues on the Federal Reserve's rate hike plans.

Currency:

The dollar was on the front foot on Thursday, helped by several U.S. Federal Reserve officials pushing back against suggestions they will slow the pace of interest rate hikes, while the pound was flat ahead of a Bank of England meeting.

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
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