Market is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review
US: US stocks rose on Wednesday after the release of the minutes from the Federal Reserve's September meeting.
Asia: Asian shares rose on Thursday as markets wagered that U.S. rates have peaked after more dovish remarks from Fed Res officials, while traders awaited the U.S. consumer inflation report later in the day for further monetary policy clues.
India: India's benchmark stock indices held on to gains through Wednesday to advance for the second consecutive day. The real estate, media and auto sectors advanced, while information technology and public sector banks were trading marginally lower.
Market is expected to open on a flattish note and likely to witness sideways move during the day.
Global Economy: China's vehicle sales had uptick in Sep, with a 5% YoY and MoM increase to 2.02 mn vehicles sold. This surge was primarily attributed to promotional activities and anticipation of holidays such as the Golden Week. The sector witnessed a 10.7% YoY increase, demonstrating a robust trend toward cleaner energy vehicles in the Chinese market.In addition to domestic sales growth, China's auto industry also recorded a strong export growth of 50% YoY in Sep.
U.S. producer prices increased more than expected in September amid higher costs for energy products and food, but underlying inflation pressures at the factory gate continued to abate. PPI for final demand rose 0.5% last month after accelerating by an unrevised 0.7% in August. The core PPI increased 2.8% on a year-on-year basis in September after climbing 2.9% in August.
Commodities: Gold held firm near two-week highs on Thursday, as the U.S. dollar and Treasury yields stumbled on the Federal Reserve’s cautious approach on interest rates and ahead of a key inflation report that could offer more clarity on future policy path.
Oil prices extended losses for a third session, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns.
Currency: The dollar was rooted near a two-week low on Thursday following minutes from the last U.S. Federal Reserve meeting that showed policymakers taking a cautious stance and as investors awaited key inflation data.
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