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Market Review:

US

Wall Street's main indices closed lower on Tuesday as data showing stronger inflation and weaker U.S. retail sales in May spooked already-jittery investors awaiting the results of the Federal Reserve's latest policy meeting.

Asia:

Asian stocks saw muted trading Wednesday after their U.S. peers retreated from all-time highs, with investors awaiting a policy decision from the Federal Reserve. Crude oil traded at the highest since 2018.

India:

Benchmark Indian indices closed 0.36% higher on Tuesday. The Sensex closed at 52,773.05, up 221.52 points, while the Nifty was at. 15,869.25, up 57.40 points. Banks, financials, and realty sectorts were top gainers. Broader indices outperformed with the BSE midcap and smallcap closing 0.53% and 0.40% higher. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy:

: U.S. retail sales dropped more than expected in May, with spending rotating back to services from goods as vaccinations allow Americans to travel and engage in other activities that had been restricted by the COVID-19 pandemic. Despite last month's decline, the trend in retail sales remains strong. Sales in April were revised sharply up and are well above their pre-pandemic level, keeping intact expectations of double-digit growth in both consumer spending and the economy this quarter. Retail sales surged 28.1% on a year-onyear basis. Retail sales fell 1.3% last month. Data for April was revised higher to show sales increasing 0.9% instead of being unchanged as previously reported.

Peru's economy grew by 58.49% in April, the government said on Tuesday, bolstered by soaring growth in key mining and fishing sectors and by a low basis for comparison with the same month in the previous year due to the COVID-19 pandemic.

Commodities:

Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors. Gold prices edged lower on Wednesday due to a stronger dollar as investors look forward to the outcome of the U.S. Federal Reserve meeting for hints on tapering of economic support measures.

Currency:

The dollar held near a one-month high against a basket of currencies on Wednesday as investors tried to ascertain if the Federal Reserve might alter the language on its stimulus following a recent jump in U.S. inflation.

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