Market is expected to open gap up and likely to witness positive move during the day - Nirmal Bang
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Market Review
US: Wall Street's main stock indexes closed higher on Wednesday after the Federal Reserve eased investor jitters by keeping borrowing costs unchanged and reinforcing expectations that rates could be cut as many as three times this year
Asia: Stock markets in Asia-Pacific region rose on Thursday as Wall Street reported fresh highs after the Federal Reserve kept its forecast for three quarter-basis-points rate cuts this year unchanged. India: India's benchmark indices ended little changed with a positive bias amid volatility on Wednesday, led by gains in shares of Reliance Industries, ITC, and the State Bank of India. Market is expected to open gap up and likely to witness positive move during the day.
Global Economy: The US Federal Reserve announced its interest rate decision today after a two-day Federal Open Market Committee (FOMC) meeting, leaving the benchmark interest rates unchanged at 5.25-5.50% for the fifth straight meeting, in line with Street estimates. However, the FOMC said that it expects three rate cuts in 2024 despite sticky inflation. Japan’s exports grew more than expected in February, spurring a bigger-than-expected drop in the country’s trade deficit as demand in China and the U.S. remained robust. Exports grew 7.8% year-on-year in February, more than expectations for a rise of 5.3% but slower than the 11.9% jump seen in January. This saw the country’s trade balance fall to a deficit of 379.4 billion yen, compared to expectations for a deficit of 810.2 billion yen and substantially lower than the 1.76 trillion yen deficit seen in Jan.
Commodities: Gold prices climbed to a record high on Thursday, as the U.S. dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for this year. Oil prices rose in Asian trade on Thursday, benefiting from a weaker dollar as the Federal Reserve flagged three interest rate cuts in 2024, while the prospect of tighter supplies continued to buoy crude.
Currency: The dollar fell broadly on Thursday after the U.S. Federal Reserve maintained its interest rate cut projections for the year in the face of upside surprises on inflation, and did not strike a more hawkish tone as some investors had feared.
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