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Market Review

US: Each of the three main U.S. indexes recorded solid quarterly gains, led by a climb of 10.16% for the S&P 500, aided by optimism over artificial intelligence (AI) related stocks and expectations the U.S. Federal Reserve will begin to cut interest rates this year.

Asia: Asian equities rose on Monday as US inflation figures did little to alter views that the Federal Reserve will cut interest rates this year.

India: On Thursday, the Indian stock market indices ended sharply higher amid positive global cues, ending the financial year 2024 with robust gains. The Sensex spiked 655.04 points, or 0.90%, to close at 73,651.35, while the Nifty 50 settled 203.25 points, or 0.92%, higher at 22,326.90. The benchmark equity indices wrapped up the financial year 2023-2024 with notable gains as the Nifty 50 soared by 29%, while the Sensex jumped 25% during FY24. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy: China's manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad. The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month, above analysts' forecasts of 51.0 and marking an expansion for the fifth consecutive month.

Japan's factory activity in March contracted for the 10th consecutive month though the downturn was the least pronounced in four months, helped by softer contractions in output and orders. The final au Jibun Bank Japan manufacturing PMI was at 48.2 in March, the highest level since Nov. That matched the flash reading and was better than Feb's 47.2, which marked the fastest pace of contraction in over 3-1/2 years.

Commodities: Gold price consolidates near all-time highs above $2,250 in the Asian session on Monday. Gold price continues to benefit from the Easter holiday-driven thin liquidity and Fed rate cut expectations. Strong China's Caixin Manufacturing PMI also cheers the bright metal traders.

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data.

Currency: The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention.

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