IGI Logo

Market Review

US: The main U.S. indexes clocked their third straight positive week on Friday. The S&P 500 added 2.2%, while the Nasdaq jumped about 2.4%. The Dow closed the week with a 1.9% advance. This is the first three-week win streak for the Dow and S&P 500 since July, and the first since June for the Nasdaq.

Asia: Asia-Pacific markets started the week higher after most major bourses ended lower in the previous session, while China left its benchmark lending rates unchanged.

India: BSE Sensex / NSE Nifty fell by 188 points /33 points to close at 65,794.7 / 19,731.8, respectively. India's equity markets presented a mixed picture, influenced by disparate sector performances. The RBI's concerns over consumer loan growth negatively impacted the banking and energy sectors, leading to declines in the Nifty Bank and Financial Services indices. However, gains in the FMCG and auto sectors helped buoy market sentiments.

Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy: China left benchmark lending rates unchanged at a monthly fixing on Monday, matching expectations, as a weaker yuan continued to limit further monetary easing and policymakers waited to see the effects of previous stimulus on credit demand. The recovery in the world's second-largest economy remains patchy with industrial output and retail sales surprising on the upside but deflation gathering pace and few signs the struggling property market will bounce back any time soon.

Germany is stepping up its support for renewable energy initiatives in Southern Africa, with significant financial contributions aimed at fostering sustainable development in the region. The latest move includes a sizable loan to South Africa for its renewable energy transition and an investment into a green hydrogen project in Namibia. The German state-owned development bank KfW has agreed to lend South Africa R9 billion (~$540 million) to aid the country's shift towards renewable energy sources.

Commodities: Gold prices edged lower in early Asian hours on Monday after hitting a two-week high in the last session, weighed by a slight uptick in U.S. Treasury yields, although expectations that U.S. rates have peaked underpinned bullion. Oil prices moved little in Asian trade on Monday as top importer China kept its benchmark interest rates unchanged, while an upcoming meeting of the Organization of Petroleum Exporting Countries was squarely in focus.

Currency: The dollar languished near an over two-month low against its major peers on Monday, struggling to make headway on the view that U.S. rates have peaked, with attention now on how soon the Federal Reserve could begin easing monetary conditions.

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx

SEBI Registration number is INH000001766