IGI Logo

Market Review

US: The US stock market ended sharply lower on Friday dragged by heavy selling shares of chipmakers on concerns about weak consumer demand.

Asia: Asian markets traded lower on Monday following tech-led selloff on Wall Street on Friday and as investors watch out for a data-driven week with a slew of central bank meetings, including the US Federal Reserve and the Bank of Japan.

India: The Indian equity benchmark indices ended at record high levels on Friday, with the Nifty ending near 20,200 level. Market is expected to open on a flattish note and likely to witness sideways move during the day

Global Economy: U.S. manufacturing output barely rose in August amid a decline in motor vehicle production, and activity could contract in the months ahead after the United Auto Workers (UAW) union embarked on strikes at three factories. The strikes, which for now only involve 12,700 of the affected 146,000 UAW members, were launched at a time when manufacturing is already struggling under the weight of the Federal Reserve's hefty interest rate increases, which have reduced demand for goods, typically bought on credit. Sri Lanka's economy shrank 3.1% in the April-June quarter, as the country struggles to claw out of its worst financial crisis in decades. The downturn was driven by high inflation, a depreciating currency and lower purchasing power. The agriculture sector grew 3.6% from a year earlier, but output from industries contracted 11.5% and services dropped 0.8%.

Commodities: Gold prices were flat on Monday as investors continued to price in a pause in interest rate hikes by the Federal Reserve at their policy meeting this week with a focus on the U.S central bank's rate outlook. Oil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world’s top crude importer. 

Currency: The U.S. dollar and most major currencies were flat lining in early trades on Monday, barring a blip in sterling, as a Japanese holiday and a bunch of upcoming central bank meetings sucked the air out of markets.

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

SEBI Registration number is INH000001766