Market is expected to open on a gap down and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review
US:
US stock indexes finished higher after a choppy trading session on Wednesday, falling early and then rebounding as investors made last-minute bets to position themselves ahead of Trump's sweeping tariff announcements.
Asia:
Asian markets plunged on Thursday, after US President Donald Trump imposed hefty reciprocal tariffs on over 180 countries and territories - several of which are in the region.
India:
Benchmark Indian equity indices settled in positive territory on Wednesday, ahead of the reciprocal announcement by US President Donald Trump. Market is expected to open on a gap down and likely to witness sideways move during the day.
Global economy:
China’s services sector grew more than expected in March, private purchasing managers index data showed on Thursday, as local demand and business activity benefited from Beijing’s stimulus measures. Local demand improved following Beijing’s measures to boost private spending and support local businesses, which were rolled out since late-2024. Australia’s trade balance sank to a more than four-year low in February, falling well short of expectations, as exports tumbled while imports jumped on stronger demand for consumer goods. Trade balance shrunk to a surplus of A$2.97 billion in February, much lower than expectations of an A$5.38 billion surplus.
Commodities:
Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude. Gold hit a record high on Thursday, as nervous investors rushed towards safe-haven assets after U.S. President Donald Trump announced more aggressive-than-anticipated tariffs against major trading partners, widening the global trade war.
Currency:
The U.S. dollar fell on Thursday after President Trump announced new tariffs targeting around 60 countries, escalating trade tensions and impacting global markets. Investors moved towards safe havens like the yen and Swiss franc, while the euro showed resilience.
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