Pre Market - Snapshot - 03-08-2021
US stocks gave up early gains and turned negative on Monday as concerns about rising cases due to Covid variants and fears of economic growth peaking out offset strong earnings results. Dow closed 0.28% down, S&P lost 0.18%,, Nasdaq closed just above the flat line. The small cap Russell 2000 lost almost 0.48%.
US dollar index traded steady near 92.07 mark, 10 year fell sharply to 1.17% near July lows on small dip in ISM data. Cboe Vix moved higher above 19.
Crude prices fell sharply on fears of Chinese slowdown, WTI fell near 71, Brent near 73.
Indian stocks made a strong beginning for August with index gaining close to 0.70% lead by Autos, IT, Oil & Gas and Realty names. On broader markets, small and mid cap stocks rallied to record highs. It was a strong start to a fresh week but Nifty still failed to go past multiple tops near 15900-15950.
For the week continue to focus on names outside the index and on rotational trade till the indices take out multiple tops. Also watch for global equity sentiment and RBI meet for fresh direction for indices to break above the consolidation zone.
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