IGI Logo

Market Review

US: Wall Street's major indexes rose on Thursday with the S&P hovering near the 5,000-point milestone as investors reacted to earnings reports and U.S. jobs data, and the US dollar gained.

Asia: Asian markets were trading mixed with Japan's Nikkei up 0.7%, while Straits Times down 0.4%. Most of Asian markets will be partially or fully closed Friday as the region enters the Lunar New Year holiday period. China, South Korea and Taiwan's markets will be shut, while Singapore and Hong Kong will see a half day of trading.

India: The equity benchmarks ended February 8 sharply lower after the Reserve Bank of India maintained a status quo on key interest rates. The Sensex closed 723.57 points or 1% down at 71,428.43, while the Nifty closed 212.55 points or 0.97% lower at 21,717.95. Market is expected to open on a negative note and likely to remain cautious during the day.

Global Economy: U.S. wholesale inventories rebounded in December, boosted by a surge in motor vehicle stocks.Inventories are a key part of gross domestic product. They fell 2.7% on a year-on-year basis in December. Wholesale motor vehicle inventories accelerated 2.9% in December after dropping 2.0% in November.

China's consumer prices fell at their steepest pace in more than 14 years in January while producer prices also dropped, ramping up pressure on policymakers to do more to revive an economy low on confidence and facing deflationary risks. The world's second-biggest economy has been grappling with slowing prices since early last year, forcing policymakers to cut interest rates to spur growth even as many developed economies were focused on taming stubbornly high inflation. The CPI fell 0.8% in January from a year earlier, after a 0.3% drop in December.

Commodities: Gold prices struggled for momentum on Friday in thin trading as Chinese markets were closed for the Lunar New Year break, while a stronger dollar and elevated Treasury yields countered safe-haven demand fuelled by the lingering Middle East concerns

Oil prices rose in early trade on Friday, on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas.

Currency: The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialled back bets on how quickly the Bank of Japan will raise interest rates and how soon the Federal Reserve will cut them.

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