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Market Review

US:

The Nasdaq composite led with a 1.7% increase that gave the composite some breathing room above the 50-day moving average. The index also topped the March highs. The S&P 500 added 1.4% and the Dow Jones Industrial Average 1.1% as both indexes made record highs. But small caps took the day off, as the Russell 2000 index lagged with an increase of less than 0.4%.

Asia:

Shares in Asia-Pacific were mixed in Tuesday trade, after major indexes on Wall Street surged to record closing highs overnight stateside.

India:

A record jump in the Covid-19 cases in the country which led to lockdown-like restrictions in the economically important state of Maharashtra spooked investors on Monday. Besides, a weak PMI manufacturing print for March added fuel to the fire, raising concerns about the pace and strength of the economic recovery. Sensex ended 870 points, or 1.74%, down at 49,159 levels. Nifty 50 settled at 14,638 levels, down 229 points or 1.5%. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

U.S. services industry activity surged to a record high amid robust growth in new orders, in the latest indication of a roaring economy that is being boosted by increased vaccinations and massive fiscal stimulus. The index rebounded to a reading of 63.7 last month also lifted by warmer weather. That was the highest in the survey's history and followed 55.3 in February.

Economists had forecast the index rising to 59.0 in March. The vastly improved public health situation and the White House's $1.9 trillion COVID-19 pandemic rescue package were providing a powerful tailwind to the economy. The new orders for the services industry rebounded to an all-time high of 67.2 in March from a ninemonth low of 51.9 in February.

Commodities:

Oil prices rose early on Tuesday as a drop in the U.S. dollar made crude a more attractive buy, paring losses of more than 4% incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July. Gold prices rose on Tuesday, as a weaker dollar made bullion cheaper and more attractive for buyers outside the United States, while a pull-back in U.S. Treasury yields provided further support.

Currency:

The dollar sank to an almost two-week low versus a basket of its peers on Tuesday, moving in tandem with retreating Treasury yields from recent peaks despite signs of a robust U.S. economic recovery.

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