Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
.jpg)
Market Review
US:
Wall Street stocks hit fresh record highs in a subdued session as traders digested a slew of economic reports amid slowing activity ahead of the Christmas holiday.
Asia:
Asian equities opened higher, following a record-setting rally on Wall Street after data revealed the U.S. economy expanded at its fastest rate in two years.
India:
Indian equities closed largely flat after a choppy session on Tuesday, with losses in IT stocks offset by strength in select PSU, cement and mid-cap names. Coal India extended its winning streak, while Coforge slid sharply on fund-raise concerns. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
The American Petroleum Institute (API) announced a significant increase in the weekly crude stock, indicating a shift in US petroleum demand. The actual inventory levels of US crude oil, gasoline and distillates stocks rose to 2.4 mn barrels, a stark contrast to the forecasted decrease.The data had anticipated a further decline in line with the previous week’s reduction of 9.3 mn barrels.
A federal judge said the Trump administration can move ahead with a $100,000 fee on new H-1B visa applications, providing a setback for US technology companies that rely on hiring skilled foreign workers. US District Judge Beryl Howell said in a ruling Tuesday that President Donald Trump’s move to radically increase the cost of the popular visa is lawful.
Bank of Japan policymakers debated the need to continue raising interest rates to levels deemed neutral to the economy with some arguing doing so would help achieve long-term, stable growth, minutes of their October meeting.A few in the nine-member board also said recent yen declines could lead to an overshoot in inflation by pushing up import costs, the minutes showed.
Commodities:
Oil prices saw modest gains, buoyed by strong U.S. economic growth and potential supply disruptions from Venezuela and Russia. Robust consumer spending fueled a faster-than-expected GDP increase in the third quarter.
Gold prices have crossed the $4,500 an-ounce mark for the first time. Silver and platinum have also reached record highs. This surge is fueled by investor demand for safe assets and anticipation of more U.S. interest rate reductions next year. The U.S. dollar's decline further supports these precious metals.
Currency:
The US Dollar Index (DXY) struggles to find demand on Tuesday, even after strong United States GDP data. The DXY is now trading near the 98.00 price region after nearing threemonth lows in the Asian trading hours.
Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH00000176
