Nifty is expected to open on a gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review
US:
Dow surged more than 1,000 points Tuesday, erasing losses incurred the day before as word spread from President Trump's administration that the trade war with China is expected to ease.
Asia:
Asia-Pacific markets climbed Wednesday, after all three key benchmarks on Wall Street advanced overnight on optimism that U.S.-China trade tensions could ease.
India:
Domestic indices Nifty 50 and Sensex extended their rally for the sixth consecutive session on April 22, albeit on a more muted note compared to the bumper gains recorded during this winning streak. Nifty is expected to open on a gap up note and likely to witness positive move during the day.
Global economy:
The American Petroleum Institute (API) has released its weekly report on US crude stock levels, revealing a significant decrease in inventory. The report showed an actual decrease of 4.565 mn barrels, a figure that far surpasses previous forecasts. Analysts had predicted a much smaller decline based on the previous week’s data, which showed an increase of 2.4 mn barrels. The substantial drop in crude inventories indicates a stronger demand for crude oil than was previously anticipated.
Japanese manufacturing activity shrank for the tenth consecutive month in April as new orders declined at the steepest rate in over a year amid U.S. tariff concerns, preliminary PMI data showed. The au Jibun Bank manufacturing PMI came in at 48.5 in April, below the forecast of 48.7. It was slightly higher compared to March’s contraction of 48.4. A PMI print below 50 entails contraction, with Japan’s manufacturing PMI shrinking for the tenth consecutive month in April.
Commodities:
Oil prices extended gains in Asian trading on Wednesday as the U.S. imposed fresh sanctions on Iran amid ongoing nuclear talks, while investors assessed a weekly report showing a large decline in U.S. crude stockpiles.
Gold prices surged to hit a new record high Tuesday, buoyed by sustained safe-haven appeal over elevated U.S.-China trade tensions, and concerns around President Donald Trump’s plan to overhaul the Fed Reserve.
Currency:
The U.S. dollar edged higher Tuesday, but remained not far above its recent three-year low after President Trump criticized Fed Reserve Chairman Powell, threatening the independence of the U.S. central bank.
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Indian market benchmarks closed with modest losses today, extending their losing streak for ...
