Market is expected to open on a gap down note and likely to witness range bound move during the day - Nirmal Bang Ltd

Market Review
US:
Wall Street's main stock indexes closed sharply lower on Monday after President Donald Trump announced the start of 25% tariffs on Canada and Mexico, with the S&P 500 posting its biggest daily percentage decline since December 18.
Asia:
Asian stocks fell Tuesday, tracking US shares lower as President Donald Trump’s pledge to impose tariffs on trading partners raised the spectre of a trade war hitting global economic growth.
India:
Indian markets closed lower on Monday, with Nifty extending its losing streak to nine sessions, the longest since 2019. Despite intraday recovery, global trade concerns and declines in Reliance and HDFC Bank weighed on investor sentiment, capping gains. Market is expected to open on a gap down note and likely to witness range bound move during the day
Global economy:
China’s Commerce Ministry vowed to retaliate against fresh U.S. import tariffs set to take effect later in the day, reiterating its stance that the Trump administration was trying to "shift the blame" and "bully" Beijing over fentanyl flows. The extra 10% duty U.S. President Donald Trump threatened China with last week is expected to enter into force at 0501 GMT on Mar. 4, resulting in a cumulative 20% tariff in response to what the White House considers Chinese inaction over drug flows. The tariff represents an additional hike to preexisting levies on thousands of Chinese goods.
Australian retail sales grew in line with expectations in January, mainly driven by an increase in food-related spending. Retail sales rose 0.3% MoM in January, aligning with forecasts, and compared with a 0.1% marginal decline in the prior month. British homebuyers borrowed the most in new mortgages since Sept’22 in January, while approvals for new lending dropped less than expected ahead of the end of a tax break on property purchases. Net mortgage lending rose to £4.207 bn ($5.31 bn) in January from £3.343 bn in December, the highest since Sept’22 when the economic plans of former Prime Minister Liz Truss sparked turmoil in bond and mortgage markets
Commodities:
Oil prices continued to fall in on Tuesday after U.S. President Donald Trump paused military aid to Ukraine and as markets braced for U.S. tariffs on Canada, Mexico and China to take effect.
Gold prices held steady on Tuesday as market participants fretted that U.S. President Donald Trump's tariffs on Canada and Mexico will fuel inflation and hinder economic growth.
Currency:
The Japanese Yen climbs back closer to a multi-month high against the USD on Tuesday.
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