Market is expected to open on a positive note and likely to witness positive move during the day - Nirmal Bang Ltd
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Market Review
US:
US stocks climbed on Wednesday as Wall Street looked to stretch its winning run, buoyed by growing expectations of a Fedl Reserve rate cut in December.
Asia:
Asian shares followed Wall Street higher as a global equities rally extended, fueled by rising expectations for Federal Reserve interest-rate cuts.
India:
Indian equity benchmarks wrapped up Wednesday’s session near record levels, buoyed by broad-based buying across sectors. Sectoral performance was uniformly positive, with all indices ending higher. Market is expected to open on a positive note and likely to witness positive move during the day.
Global economy: The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting layoffs remained low, though the labor market is struggling to generate enough jobs for those out of work amid economic uncertainty.
New orders for key U.S.-manufactured capital goods surged in September and shipments of these goods increased solidly, cementing economists' expectations that economic growth accelerated in the third quarter. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, jumped 0.9% after an upwardly revised 0.9% increase in August.
New orders for key U.S.-manufactured capital goods surged in September and shipments of these goods increased solidly, cementing economists' expectations that economic growth accelerated in the third quarter. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, jumped 0.9% after an upwardly revised 0.9% increase in August.
Commodities: Oil prices fell on Thursday on expectations of a Ukraine?Russia ceasefire which could pave the way for the unwinding of Western sanctions against Russian supply, though trading was set to remain thin due to the U.S. Thanksgiving holiday.
Gold prices remained steady on Thursday after hitting a more than one-week high in the previous session, as market participants weighed the possibility of an interest rate cut in Dec amid conflicting signals from the U.S. Federal Reserve.
Currency: The dollar was on the back foot on Thursday, with trade thinned ahead of the U.S. Thanksgiving holiday and investors turning to the coming year where a series of U.S. interest rate cuts are priced in.
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