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Market Review

US:

The stock market closed higher Monday after fighting off some earlier weakness. Consumer and technology stocks led the market. The Dow Jones Industrial Average rose 0.5% and made a record high. The Dow made it seven straight up days. Small caps tracked by the Russell 2000 closed with a 0.3% gain. Asia: Asia-Pacific markets edged higher Tuesday following a relatively subdued start to the global trading week as investors look ahead to the Fed meeting stateside.

India:

Bears remained in the driver's seat for the second straight day on Monday as a cocktail of weak macroeconomic data, resurgence in Covid-19 infections, elevated crude prices, and jump in bond yields weighed on sentiment. On the domestic front, industrial production growth re-entered the negative territory by contracting 1.6% in January, while retail inflation soared to a three-month high of 5.03% in February. Against this backdrop, the benchmark S&P BSE Sensex tumbled 397 points, or 0.8%, to end the day at 50,395 levels. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

China's factory and retail sector activity surged in the first two months of the year, beating expectations, as the economy consolidated its brisk recovery from the coronavirus paralysis of early 2020. Industrial output rose 35.1% in the first two months from a year earlier, up from a 7.3% on-year uptick seen in December. Retail sales increased 33.8%. The recovery has been driven by robust trade, pent-up demand and government stimulus. British businesses are more likely to expect a rebound in activity this year than their counterparts abroad, and expectations of a pick-up in growth are stronger than at any point since 2015. The strongest improvement in optimism is in the hotels and restaurant sector which has been hardest hit by the crisis.

Commodities:

Oil prices fell on Tuesday, extending declines for a third day, as concerns about rising stockpiles in the United States added to the threat to demand posed by countries including Germany and France halting COVID-19 vaccinations. Gold prices eased on Tuesday, as investors turned to riskier assets on hopes of a quick economic recovery, while they awaited the outcome of a U.S. Federal Reserve policy meeting.

Currency:

The U.S. dollar clung to small gains from the start of the week on Tuesday as caution reigned in currency markets ahead of major central bank meetings, headlined by a two-day Federal Reserve gathering beginning later in the global day.

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