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Market Review

US:

U.S. stocks were mixed after the close on Tuesday, as gains in the Industrials, Technology and Financials sectors led shares higher while losses in the Oil & Gas, Basic Materials and Consumer Goods sectors led shares lower.

Asia:

Asian stocks inched higher on Wednesday, as upbeat WallStreet earnings and optimism about a global recovery supported sentiment, although concerns about the sustainability of a recent risk rally are likely to cap gains.

India:

Indian stock markets yesterday snapped a six-day rally on last hour profit-taking as investors locked in gains after the recent rally. The NSE Nifty 50 index ended 0.04% lower at 15,109.30, having hit a record high earlier in the session. The S&P BSE Sensex also closed 0.04% lower at 51,329, after hitting 51,835 at day's high. Both indexes are still up nearly11% so far this month. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy:

China's factory gate prices rose in annual terms in January for the first time in 12 months and at the fastest rate since May 2019, suggesting gathering growth momentum for the world's second-largest economy.

The producer price index (PPI) rose 0.3% from a year earlier, the National Bureau of Statistics said in a statement, but slightly lagged a 0.4% gain tipped by a Reuters poll of analysts. PPI declined 0.4% in December. U.S. layoffs eased in December and job openings increased modestly, suggesting the decline in employment that month was largely due to companies cutting back on hiring amid uncertainty caused by a raging COVID-19 pandemic.

The economy shed jobs in December for the first time in eight months following renewed outbreaks of the virus.

Commodities:

Oil prices rose again on Wednesday, extending their more than week-long rally after industry data showing a fall in U.S. crude oilstocks added to optimism about an expected rise in global fuel demand. Gold was steady after advancing for three straight days as investors weighed a weaker dollar and the prospects for more U.S. stimulus amidrising inflation expectations.

Currency:

The dollar traded near two-week lows as demand for safer assets ebbed on Wednesday, with traders looking ahead to an expected recovery from the COVID-19 pandemic this year, driven by massive fiscal and monetary stimulus.

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