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Market Review

US: U.S. stocks edged higher Monday as investors monitored debt-ceiling negotiations, coming off two consecutive losing weeks for the S&P 500.

Asia: Asia-Pacific markets are trading mixed ahead of key economic releases from China.

India The key benchmark indices rallied on Monday to fresh calendar year highs as investors cheered fall in CPI inflation to an 18-month low of 4.7 per cent in April. Further, WPI inflation dipped into negative zone to -0.92 per cent in the same month. Rate sensitive sectors, such as auto, banks and real estate stocks logged smart gains. 

Market is expected to open with gap up and likely to witness positive move during the day.

Global Economy: Euro zone industrial production fell by far more than expected in March as output of capital goods plunged, although the sharp reduction appeared to be a result of figures from Ireland, which are typically volatile. The European Union's statistics office Eurostat said on Monday that industrial production in the 20 countries sharing the euro fell by 4.1% month-on-month in March for a 1.4% year-on-year decline. Industrial production in Ireland fell 26.3% in the month and by 26.1% from a year earlier

Chinese industrial production grew less than expected in April, further indicating that a post-COVID economic rebound in the country was running dry. Softer-than-expected retail sales data also showed that while consumer spending rebounded sharply this year, it still did so below market expectations, which could herald a more sluggish economic recovery this year. Industrial production grew 5.6% in April from the prior year.

Commodities: Gold prices fell slightly in early Asian trade on Tuesday as a slew of Federal Reserve officials warned that interest rates could still rise further amid relatively high inflation and a robust labor market.

Oil prices rose for a second day early on Tuesday, as U.S. plans to purchase oil for the Strategic Petroleum Reserve (SPR) lent support while raging wildfires in Canada fuelled supply worries

Currency: The U.S. dollar remained under pressure on Tuesday, weighed down by the risk of a U.S. default as a standoff between Democrats and Republicans over raising the debt ceiling showed few signs of being resolved.

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