Pre Market - Snapshot - 04/06/2021




US stocks fell despite strong jobs data and news that President Biden is reconsidering the proposal to raise corporate taxes. 


Dow closed just below the flat line, S&P lost 0.36%, Nasdaq saw a cut in excess of 1%.  The small-cap Russell 2000 also lost 0.81% in Thursday's trade. 


US dollar index saw a strong rebound near 90.50, 10 years rallied near 1.63%, Cboe Vix also inched higher near 18. 


The US infrastructure bill entered its final phase of negotiation with President Biden reconsidering corporate tax hike to 28% with a minimum tax of 15% to convince Republicans to up the allocation. Republicans have proposed less than $1tn for spending on infra.


Crude futures traded flat as the US dollar started to rally, WTI traded in and out of 69, Brent just above 71.


Indian stocks closed at record highs (Nifty made new intra-day high, Sensex moved close to record intra-day high) on gains in metals, financials, and realty names. Mid and Small caps stocks also had a strong day with close to 1% gains. 


For the day watch for RBI policy that may try to push growth and support the ailing sectors like hospitality, retail. Markets may turn watchful as indices trade near record highs. Wait for some consolidation for a couple of weeks before the next move in stocks.


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