The market is expected to open on flattish note and likely to witness sideways move during the day - Nirmal Bang
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Market Review
US: US stocks lost ground at the start of a holiday-shortened week on Monday as investors positioned themselves ahead of inflation data. All three major US stock indexes ended the session in the red, with the blue-chip Dow suffering the largest percentage loss.
Asia: Asia-Pacific markets were mixed Tuesday as the US market took a breather overnight on Monday. South Korea's Kospi climbed over 1 per cent this morning, hitting an over two-year high intraday. This was followed by gains in Hang Seng (0.85%), and Shanghai Composite (0.27%). Nikkei was up barely 0.03%, while ASX 200 was down 0.04%.
India: The Indian stock market was closed on Monday on account of the Holi festival. On Friday, the domestic equity benchmark indices ended with modest gains, extending the positive momentum for the third consecutive session. The Sensex gained 190.75 points, or 0.26%, to close at 72,831.94, while the Nifty 50 settled 84.80 points, or 0.39%, higher at 22,096.75. The market is expected to open on flattish note and likely to witness sideways move during the day.
Global Economy: Singapore's February core inflation accelerated to its fastest pace in seven months, as seasonal effects from the Lunar New Year drove services and food prices higher. The core inflation rate, which excludes private road transport and accommodation costs, came in 3.6% in February from a year earlier, faster than the 3.4% forecast by a Reuters poll of economists and the 3.1% seen in January. Malaysia's consumer price index (CPI) in February rose 1.8% from a year earlier. The rise was more than the 1.4% growth forecast by 13 economists in a Reuters poll. The index had risen 1.5% in January.
Commodities: Gold prices inched higher on Tuesday, buoyed by a weaker dollar as investor focus turns to U.S. inflation data due later this week, which could shed more light on the timing of the Federal Reserve's first interest rate cut this year. Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries.
Currency: The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency.
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