IGI Logo

Market Review

US:

Wall Street traders, preparing for important inflation data, pushed stocks to their record highs, with major tech companies once again driving the gains.

Asia:

Share indices in Asia–Pacific rose on Thursday, tracking overnight gains on Wall Street ahead of the release of US CPI for Sep, which will provide clues about the Fed's policy going forward.

India:

India's benchmark equity indices were back in the red after one session of ending higher as they erased gains in the last hour to close near Wed's lowest levels. Intraday, the indices had risen as much as around 1.2% after the RBI's monetary policy meeting changed the liquidity stance to 'neutral' from 'withdrawal of accommodation earlier, signalling a potential rate cut. The weekly futures contract of Nifty Bank closed flat on expiry day. The Nifty ended 0.12% or 31.20 points lower at 24981.95 and Sensex lost 0.21% or 167.7 points down at 81467.10. Market is expected to open on gap up note and likely to witness range bound move during the day.

Global Economy:

The New Zealand govt reported a larger-thanexpected budget deficit for the 2023-24 year as lower growth hurt govt revenue, the govt’s accounts released Thursday showed. The govt recorded a budget deficit of NZ$12.85 bn ($7.79 bn) for the fiscal year ending June 30, 2024, larger than a deficit of NZ$11.07 bn at the govt’s budget in May. This is the fifth deficit recorded by the New Zealand govt. The govt said the worse-than-expected deficit was due to weaker results from govt entities and state-owned enterprises.

U.S. wholesale inventories rose less than initially thought in Aug amid a sharp moderation in the pace of increase in motor vehicle stocks, a trend that if sustained could temper expectations for robust economic growth in 3 rd Qtr. The Commerce Department's Census Bureau said that wholesale inventories edged up 0.1%, revised down from the 0.2% gain estimated last month. Stocks at wholesalers rose 0.2% in July.

Commodities:

Gold prices were little changed on Thursday, while traders await a key U.S. inflation print due later in the day to gain further clarity of the Fed's monetary policy stance. Oil prices rose in early Asian trade on Thurs on concerns about potential supply disruptions in the Mid East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barreled into Florida.

Currency:

The U.S. dollar traded near a two-month peak against major peers on Thurs as markets grew more confident about a patient approach from the Fed to further monetary easing, even as a key inflation report loomed later in the day.

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766