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Market Review

US:

The Dow Jones Industrial Average traded slightly lower in today's stock market while the other major indexes reversed higher an hour before the close.

Asia:

Stocks in Asia-Pacific trade mixed on Thursday morning after the S&P 500 nudged higher to a record closing high overnight.

India:

The domestic equity markets welcomed RBI governor Shaktikanta Das' decision to keep repo rate unchanged at 4% during the first bi-monthly monetary policy of FY22, along with holding the GDP growth rate steady at 10.5% for new financial year. Sensex gained 460 points, or 0.9%, to end at 49,662 levels while the Nifty index closed at 14,819 levels, up 135 points. 

Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

The U.S. trade deficit surged to a record high in February as the nation's economic activity rebounded more quickly than that of its global rivals and could remain elevated this year, with massive fiscal stimulus expected to spur the fastest growth in nearly four decades. The trade deficit jumped 4.8% to a record $71.1 billion in February. Exports dropped 2.6% to $187.3 billion. Imports slipped 0.7% to $258.3 billion. U.S. Treasury Secretary Janet Yellen on Wednesday presented a corporate tax hike plan linked to President Joe Biden's $2.3 trillion infrastructure investments that she said would raise about $2.5 trillion over 15 years. Euro zone business activity bounced back to growth last month, underpinned by a record expansion in manufacturing, according to a survey on Wednesday that also showed the service industry was coping better than expected with new lockdowns. Services PMI rose to 49.6 in March from February's 45.7, much higher than a flash estimate of 48.8.

Commodities:

Oil prices fell on Thursday after official figures showed a big increase in U.S. gasoline stocks, causing concerns about demand for crude weakening in the world's biggest consumer of the resource at a time when supplies around the world are rising.

Gold prices slipped on Thursday as investors turned to riskier assets after the U.S. Federal Reserve's latest meeting minutes indicated continued policy support and cemented hopes of a quick economic turnaround.

Currency

The U.S. dollar traded near more than two-week troughs versus major peers on Thursday, tracking Treasury yields lower, after minutes of the Federal Reserve's March policy meeting offered no new catalysts to dictate market direction.

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