Market is expected to open gap down and likely to witness profit booking during the day - Nirmal Bang
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Market Review
US: US markets fell as fresh inflation data showed wholesale prices increased beyond expected levels in February.
Asia: Asia-Pacific markets fell Friday after producer prices in the U.S. grew at a faster than expected 0.6% in February.
India: Sensex rebounded on Thursday on the back of buying in IT shares and metal shares as broader markets recovered from previous day's sharp losses. Market is expected to open gap down and likely to witness profit booking during the day.
Global Economy: Wholesale prices accelerated at a faster-thanexpected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy. The index jumped 0.6% on the month. That was higher than the 0.3% forecast from Dow Jones and comes after a 0.3% increase in January. U.S. business inventories were unexpectedly unchanged in January as increases in stocks at retailers were offset by declines at manufacturers and wholesalers. The unchanged reading in business followed a 0.3% increase in December. Chinese house prices fell at a sharper pace in February than the prior month, official data showed on Friday, as the country’s property market remained under pressure from worsening sales and waning consumer confidence. Chinese house prices fell 1.4% year-on-year in February, about twice as much as the 0.7% drop seen in January.
Commodities: Gold prices were headed on Friday for their first weekly fall in four as surprisingly hot US inflation readings suggested that the Federal Reserve could reduce the number of rate cuts this year and may push the first cut beyond June. Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices.
Currency: The dollar was firm on Friday and set to snap a threeweek losing streak as hotter-than-expected US inflation data stoked worries about when and by how much the Federal Reserve would start cutting interest rates this year.
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