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Market Review

US:

Wall Street's main indexes slipped on Friday, dragged down by losses in blue-chip technology stalwarts Intel and IBM following their quarterly results, with concerns about a sharp rise in coronavirus cases also denting sentiment.

Asia:

Asian shares were on the defensive on Monday as rising COVID-19 cases and doubts over the ability of vaccine makers to supply the promised doses on time soured risk appetite.

India:

Equity benchmark Sensex plunged 746 points to close at 48,878.54 on Friday, tracking losses in index majors Reliance, HDFC twins and ICICI Bank amid a weak trend in global markets. The 30-share BSE index ended 746.22 points or 1.50 % lower at 48,878.54.Market is expected to open gap up and likely to witness positive move during the day.

Economy:

U.S. manufacturing activity surged to its highest level in nearly 14 years in early January, but bottlenecks in the supply chain caused by the COVID-19 pandemic are driving up prices and signaling a rise in inflation in the months ahead. manufacturing PMI accelerated to a reading of 59.1 in the first half of this month, the highest since May 2007, from 57.1 in December. U.S. home sales unexpectedly rose in December, but surging house prices amid record-low inventory could slow the housing market momentum in the coming months.

The National Association of Realtors said on Friday that existing home sales increased 0.7% to a seasonally adjusted annual rate of 6.76 million units last month. Economic activity in the euro zone shrank markedly in January as stringent lockdowns to contain the coronavirus pandemic hit the bloc's dominant service industry hard. PMI) for the euro zone, seen as a good guide to economic health, fell further to 47.5 in January from December's 49.1

The German government expects Europe's largest economy to grow by 3% this year, a sharp downward revision from last autumn's estimate of 4.4% caused by November's imposition of a second coronavirus lockdown.

Commodities:

Oil prices slipped for a second straight session on Monday as renewed COVID-19 lockdowns raised fresh concerns about global fuel demand. Gold prices rose on Monday, recovering from a sharp decline in the previous session, as investors hoped that a massive economic stimulus would be passed soon in the United States to revive the world's largest economy.

Currency:

The dollar held ground against riskier currencies on Monday as weak economic data from Europe and fresh worries about the coronavirus supported investor demand for safehavens, stretching greenback selling positions

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