Market is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review
US: The S&P 500 Index and Nasdaq 100 indexes declined as oil prices rose to their highest levels in a year and falling crude oil stockpiles stoked concerns about the impact on consumers.
Asia: Shares in Asia fell as investors expected higher interest rates and rising oil prices after crude extended a one-year high.
India: India's benchmark stock indices closed higher on Wednesday, led by gains in Reliance Industries Ltd. and ITC Ltd. The pharma sector rose, whereas banks and non-banking financial companies were under pressure. Market is expected to open on a flattish note and likely to witness sideways move during the day.
Global Economy: Orders for long-lasting U.S. manufactured goods rose in August as an increase in machinery and other products offset a drop in civilian aircraft, and business spending on equipment appeared to regain momentum after faltering early in the third quarter. Also shipments of capital goods rebounding sharply last month, a sign of resilience in both business investment and the overall economy despite the Federal Reserve's aggressive monetary policy tightening. Argentina's poverty rate rose to 40.1% in the first half of 2023, , up from 39.2% in the second half of 2022.Over the first half of 2022, it reported a rate of 36.5%.Argentina, a country of some 46 million people, is rich in natural resources from cattle and corn to natural gas, but plagued by high inflation, years of cyclical debt crises and a historic drought that hit key agricultural areas last season.
Commodities: Gold edged up on Thursday but hovered near a more than six-month low hit in the last session, as the dollar and Treasury yields held at elevated levels, with markets awaiting U.S. economic data for clues on the Federal Reserve’s interest rate path. Oil prices rose in early Asian trade on Thursday after surging to the highest settlement in 2023 in the previous session as a steep drop in U.S. crude stocks added to worries of tight global supplies.
Currency: The dollar clung near a 10-month high against a basket of its peers on Thursday, keeping the yen under pressure near a key intervention zone as investors size up upbeat U.S. economic data and fresh comments from Federal Reserve officials.
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Markets are expected to open on a flattish note and likely to remain sideways move during th...
