Pre Market - Snapshot - 15-06-2021



US stocks traded mixed, both Nasdsq and S&P closed at fresh record levels however Dow and small cap Russell 2000 closed below flat line. 

The markets are currently awaiting Fed meet highlighting the roadmap to monetary policy going ahead. Though there is a lot of caution for immediate term ahead of crucial Fed meet, the underlying current seems to remain of optimism on the back of economic recovery, record corporate profit generation, accommodative fiscal /monetary policy.


US dollar index traded flat near 90.51, 10 years moved higher near 1.49%, Cboe Vix moved up to 16.39.


Crude futures traded flat, WTI near 71, Brent near 73.


Indian stocks turned choppy on news of some institutional accounts holding particular group stocks getting frozen pending clarification on beneficial ownership. Stocks opened with deeper cuts on the news but recovered most of the lost ground on clarification by NSDL that those accounts remain "active". The market movements of yesterday is a crude reminder of overbought nature of stocks (very frothy valuation in certain pockets of market) and the need for some cooling off in immediate short term.


For the week focus on some more consolidation in broader markets with individual names still outperforming on stock specific news. Also watch Fed meet outcome that may have a bearing on US 10 year, dollar index and stock price moves for next couple of weeks.

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