Market is expected to open gap down and likely to witness selling pressure during the day - Nirmal Bang Ltd
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Market Review
US: U.S. stocks ended sharply lower on Wednesday, with the S&P 500 and Nasdaq falling more than 1% each, as Treasury yields rose again and investors assessed the latest batch of quarterly corporate results and forecasts.
Asia: Asian shares slid on Thursday as risk aversion prevailed in the market due to mounting worries over Middle East tensions
India: Indian equity indices ended on a negative note on October 18 with Nifty below 19,700 on the back of weak global cues. Banks and non-banking financial companies fell, whereas the pharma and auto sectors advanced.Market is expected to open gap down and likely to witness selling pressure during the day
Global Economy: Australia employment rose less than expected in September, following a blowout result the month before, but the jobless rate still ticked down in a sign the labour market remained drum tight. Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 6,700 in September from August, when they surged 63,300. Market forecasts had been for an increase of around 20,000.
China's new home prices fell for the third straight month in September, official data showed on Thursday. New home prices fell 0.2% month-on-month but narrowed from a 0.3% drop in August,based on National Bureau of Statistics (NBS) data. Prices were down 0.1% from a year earlier, matching August's decline..
Commodities: Gold prices edged higher on Thursday to hover near a 2-1/2-month high as escalating Middle East turmoil lifted demand for the safe-haven asset, while investors looked forward to U.S. Federal Reserve Chair Jerome Powell’s speech due later in the day. Oil prices fell on Thursday, reversing gains in the previous session, after OPEC showed no signs of supporting Iran's call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally.
Currency: The dollar held the yen near a two-week low, as growing expectations the U.S. Federal Reserve will keep rates higher for longer had the greenback and U.S. Treasury yields on the rise overnight and markets awaited a speech by Fed Chair Powell.
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