IGI Logo

Market Review:

US

The Dow Jones Industrial Average edged higher as the stock market posted slim gains. Stocks lost momentum after the Labor Department reported a surprise increase in initial jobless claims.

Asia:

Shares in Asia-Pacific were mixed in Friday morning trade as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced.

India:

The bulls made a robust comeback on Dalal Street after three days amid broad-based buying by investors as the global setup remained firm and India Inc reported upbeat quarterly earnings numbers so far in June quarter earnings season. Benchmark indices Sensex and Nifty rose, mainly helped by gains in Infosys, RIL, ICICI Bank and Bajaj Finance. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

The number of Americans filing new claims for unemployment benefits rose to a two-month high last week, a reminder that the labor market was far from being out of the woods as the nation confronts a resurgence in new COVID-19 infections. Still, the weekly jobless claims report from the Labor Department on Thursday, showed more people are returning to work, a trend that bodes well for July's employment report. Initial claims for state unemployment benefits increased 51,000 to a seasonally adjusted 419,000 for the week ended July 17, the highest level since mid-May.

Sales of previously owned homes rose 1.4% to 5.86 million units in June at a seasonally adjusted annualized rate, although the rebound was weaker than expected. The number undershot consensus by 40,000 units, and followed May's downwardlyrevised 1.2% decline. While groundbreaking on new residential homes increased by 6.3% in June, building permits, a more forward-looking indicator, dropped 5.1% to an eight-month low. With these moves, starts and permits returned to prepandemic levels.

Commodities:

Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers. Gold Gold prices steadied on Friday after hitting a more than one-week low in the previous session, as a retreat in U.S. bond yields and weak economic data countered a stronger dollar.

Currency:

The dollar was set to end the week close to where it started following a roller-coaster week in which currencies were tossed around by shifting risk appetite, with the market's focus now shifting to next week's U.S. Federal Reserve meeting.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://investmentguruindia.com/Disclaimer/nirmal.html

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 Disclaimerc