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Market Review

US: The S&P 500 and Dow Jones industrials eked out small gains on Wed, while the Nasdaq closed lower for a third straight session as investors awaited the release of Nvidia's earnings that could determine near-term momentum for equities. After the closing bell, Nvidia shares surged 6% after it forecast fiscal firstquarter revenue above estimates on robust demand for its chips that dominate the market for artificial intelligence (AI).

Asia: Asian stocks were a mixed bag on Thursday as gains in the technology sector, following positive signals from Nvidia, were offset by persistent fears of high U.S. interest rates, while Japan’s Nikkei 225 benchmark hit a record high.

India: Indian markets broke their six-day winning run on Wednesday and settled with a steep fall amid fag-end selling triggered by a rush for profit booking and mixed global cues. Market is expected to open on a positive note and likely to witness range bound move during the day.

Global Economy: Japan's factory activity extended declines and service sector growth eased in February, surveys showed on Thursday, suggesting business conditions were worsening as the economy struggles to emerge from recession. The flash au Jibun Bank Japan manufacturing purchasing managers' index (PMI) fell to 47.2 in February from 48.0 in January.

The German government expects the economy to grow 0.2% this year, far less than a previously forecast 1.3%, as weak global demand, geopolitical uncertainty and persistently high inflation dent hopes for a swift rebound. Europe's largest economy shrank by 0.3% in 2023, making it the world's worst performing major economy, and it is broadly expected to enter another technical recession in the first quarter of this year.

Commodities: Gold prices edged up on Thursday supported by safe-haven demand amid rising geopolitical tensions in the Middle East and a softer dollar, while minutes of the latest U.S. Federal Reserve meeting dampened hopes for an early interest rate cut.

Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply.

Currency: The dollar held broadly steady on Thursday as traders awaited a slew of business activity surveys to gauge the health of major economies and what that may mean for the global interest rate outlook.

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