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Market Review

US: Wall Street traders, confident in the Fed's ability to orchestrate a smooth economic adjustment, fueled a rally in higher-risk sectors of the market. This comes after a widespread market downturn that shook global markets in the previous session.

Asia: Markets in Asia-Pacific region rose Friday as better than expected US GDP data affirmed investors' expectation of a rate cut from the US Federal Reserve in September.

IndiaThe Indian benchmark equity indices ended little changed on Thursday as shares of Tata Motors Ltd. and HDFC Bank Ltd. helped them erase losses after a lower open. Market is expected to open on a flattish note and likely to witness range bound move during the day

Global Economy: The U.S. economy grew faster than expected in the second quarter amid solid gains in consumer spending and business investment, but inflation pressures subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve. Growth last quarter also received a boost from inventory building as well as increased government spending, the Commerce Department's advance report on second-quarter gross domestic product on Thursday showed. The housing market recovery, however, regressed and was a small drag on the economy. The trade deficit widened further, subtracting from GDP growth.

The number of Americans filing new applications for unemployment benefits fell more than expected last week as distortions from the weather and temporary automobile plant closures faded. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 235,000 for the week ended July 20, the Labor Department said on Thursday.

Commoditiess Gold price plunged to over a two-week low in reaction to the upbeat US macro data on Thursday .

Oil prices saw minor increases on Friday due to stronger U.S. economic data, raising hopes for higher crude demand. However, economic concerns in China and Japan limited gains.

Currency The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations.

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