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US: Wall Street's main indexes closed higher on Monday, with megacap growth stocks such as Alphabet and Tesla supporting a rebound in technology-heavy Nasdaq while investors also waited anxiously for the US Federal Reserve's meeting this week.

Asia: Asian markets traded lower, while the US stock indices ended higher overnight led by megacap growth stocks. Market participants await the Bank of Japan’s monetary policy decisions later today and the US Federal Reserve’s policy this week for further cues on interest rates.

India: On Monday, the Indian stock market indices ended the volatile session higher led by select metals and auto heavyweights.Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy: The Bank of Japan is set to decide on ending its negative interest rate policy and also call time on its yield curve control and purchase of risk assets at its board meeting through Tuesday, Nikkei newspaper reported on Monday. The country's central bank, which is holding a two-day policy meeting is preparing to draw the line on much of its "massive" monetary easing program, the report said. "With the BOJ's goal of sustainable 2% inflation in sight, the bank is moving to guide interest rates higher for the first time in 17 years," Nikkei said. Americans applied for mortgage credit in greater numbers over recent months even as they faced greater headwinds in getting those loans, new data from the Federal Reserve Bank of New York released Monday said. The bank’s report said that the overall application rate for credit increased to 43.4% in February, the highest reading since October 2022, from 42.5% in October and 40.3% last June. While application rates for auto loans and mortgage refinancing hit the lowest levels in the survey’s history, mortgage application rates rose to 5.6% of survey respondents in February, from 4.3% in October, the New York Fed said.

Commodities: Gold prices were flat on Tuesday as investors stayed on the sidelines ahead of the U.S. Federal Reserve's policy meeting this week that could offer further clues on the timing of likely interest rate cuts this year. Oil prices hovered near a 4-½ month high in Asian trade on Tuesday as softer exports from Iraq and Saudi Arabia furthered the notion of tighter markets this year, although sentiment remained on edge before a Federal Reserve meeting.

Currency: The yen dwindled near the 150 per dollar level on Tuesday but held its ground ahead of a pivotal policy decision from the Bank of Japan (BOJ), while the U.S. dollar towered over its peers as bets for early rate cuts there were trimmed.

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