Pre Market - Snapshot - 08- June - 2021



US stocks traded mixed on Monday; the risk of rising inflation and concerns on higher taxation resurfaced, taking DJIA and S&P lower by 0.36% and 0.08%, respectively. Nasdaq, however, closed higher by almost 0.5% on gains in biotech names; approval of Biogen's Alzheimer's drug helped other biotech shares to move higher. The small-cap Russell 2000 was a ranked outperformer with gains of over 1.43%.


 US dollar index declined further to trade below 90, Cboe Vix traded flat near 16.4, US 10 year also remained unchanged at 1.57%.


Crude futures consolidated near 2-year highs, Brent traded near 71.5, WTI above 69.


Indian stocks moved higher on the news of partial re-opening of the economy, helping domestic-focused stocks to gain some ground. Nifty traded at new ATH, and Sensex moved towards life highs. There was a clear sign of money moving into the economy-facing names like BFSI, Autos, Engineering/Cap goods, along with strong moves in mid and small-cap names in hopes of strong business rebound from Q2 FY 2022. 


As indicated earlier, use the current phase of acceleration and good news to reduce leverages and wait for some consolidation towards 2nd half of June to rebuild the positions for July-January outperformance.

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