Market is expected to open on a gap down note and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review
US:
U.S. stocks ended lower on Friday, with indexes losing ground after the White House said U.S. President Donald Trump will implement on Saturday tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods.
Asia:
Asia-Pacific markets dropped after Trump tariffs on Mexico, Canada and China.
India:
Benchmark equity indices settled on a flat note on Saturday, after the Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament. Market is expected to open on a gap down note and likely to witness sideways move during the day.
Global economy:
Chinese manufacturing activity grew less than expected in January as U.S. tariff fears continued to weigh on the country's economic outlook, private purchasing managers index data showed on Monday. The Caixin manufacturing PMI grew 50.1 in January, below expectations of 50.6 and the prior month’s reading of 50.5. The Caixin data comes just a week after government PMI, which showed the manufacturing sector unexpectedly shrinking in January.
Australian retail sales shrank less than expected in December, as strength in the labor market and year-end holiday shopping kept consumer spending relatively strong. The reading was better than expectations for a drop of 0.7%. Australian retail spending usually falls off in December after a strong November, as Black Friday discounting sees cost-conscious customers spend more. But this boost appeared to have spilled over into December.
Commodities:
Oil prices jumped on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from two of the biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains.
Gold prices fell in early Asian hours on Monday, pressured by a stronger dollar as fears of a global trade war mounted after U.S. President Donald Trump imposed sweeping tariffs on Canada, Mexico and China over the weekend.
Currency:
The U.S. dollar's gains were broad, with the euro also dropping to a more than two-year low and the Swiss franc - despite typically acting as a safe haven - sliding to the weakest since May.
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Nifty is expected to open on a gap down note and likely to witness sideways move during the ...
