Market is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang
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Market Review
US: A weekslong stock selloff took on new intensity Friday, nearly ending the bull market that began after the start of the pandemic.
Asia: : Asian stocks came under pressure on Monday as persistent worries about inflation and rising interest rates dogged the global economic outlook and fresh selling in technology stocks weighed on Chinese markets.
India:After a one-day hiatus, bulls were back on Dalal Street, tracking global gains, as another volatile trading week comes to a close. The S&P BSE Sensex jumped 1,534 points, or 2.91%, to end at 54,326, while the Nifty50 shut shop at 16,266, up 457 points or 2.89%. .
Market is expected to open on a flattish note and likely to witness sideways move during the day.
Global Economy: : China's crude oil imports from top supplier Saudi Arabia soared 38% in April from a year earlier, hitting the highest monthly volume since May 2020. Saudi shipments amounted to 8.93 million tonnes last month, equivalent to 2.17 million barrels per day (bpd). The hefty purchases, with trades completed mostly in February, compare with 1.61 million bpd in March and 1.57 million bpd a year earlier.
British retail sales jumped unexpectedly in April as shoppers loaded up on alcohol and tobacco, likely a blip in an otherwise bleak trend that has driven consumer confidence to all-time lows amid a worsening cost-of-living crunch. Retail sales volumes rose 1.4% month on month after a 1.2% drop in March. The wider picture remains disconcerting. Retail sales in the three months to April fell 0.3%, after a 0.7% drop in March. Compared with a year ago, sales volumes were 4.9% lower, marking the biggest annual drop since January 2021
Commodities: Oil prices rose in early trade on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth.
Gold prices touched a more than one-week high on Monday, as an easing dollar supported greenback-priced bullion, although rising U.S. Treasury yields capped gains.
Currency:The dollar began the week on the back foot, following its first weekly loss in nearly two months, as investors cut bets on further dollar gains from rising U.S. rates and turned hopeful that loosening lockdowns in China can help global growth.
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