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Market Review

US: US stocks reversed gains late in Tuesday's trading day as markets continued to take a breather from a record-setting run that's become the story on Wall Street during the first quarter of the year.

Asia: Stocks in Asia advanced Wednesday after US benchmarks wiped out gains in the final half hour of trading, with investors tweaking portfolios after a rally that’s already topped $4 tn this year. India: Sensex languished in the negative zone on Tuesday weighed by persistent selling in key index heavyweights such as - Reliance, HDFC Bank, Infosys and Bharti Airtel. Market is expected to open on flattish note and likely to witness sideways move during the day.

Global Economy: Chinese industrial profits grew sharply in the first two months of 2024, reflecting some improvement in factory activity after a lull through most of the prior year, although the strong reading was also driven by a lower base for comparison. Industrial profit grew 10.2% y-o-y in the Jan-Feb period, compared with a 22.9% slide in the same period last year. Industrial profits also fell 4.4% year-on-year in Dec. Australian consumer price index inflation remained steady in Feb, slightly missing expectations and further factoring into a less hawkish outlook for the Reserve Bank of Australia. CPI inflation rose 3.4% year-on-year in Feb. The reading was slightly below expectations of 3.5% and remained steady from the prior month.

Commodities: Gold price trades in the red below $2,180 early Wednesday, reversing the previous day's uptick. The US Dollar remains on front foot, as market sentiment sours and the USD/JPY uptrend regains momentum. Focus shifts to Fed Governor Waller's speech. Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.

Currency: The dollar steadied on Wednesday in the wake of more strong US economic data, nudging the Japanese yen closer to a test of levels that drew official market intervention back in 2022.

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