Pre Market - Snapshot - 06-08-2021


 

US stocks moved higher as investors digested strong earnings season and new data on labour market recovery.S&P closed at record levels as economy facing stocks like financials, energy, travel and leisure contributed with bulk of gains. Dow and Nasdaq gained almost 0.78% a piece, S&P added 0.60%, small cap Russell 2000 gained the most adding 1.81% to overnight close. 


US dollar index traded  flat near 92.27, 10 year also moved up to 1.22%, Cboe Vix moved lower near 17. 


Crude futures traded higher on some risk-on trade, WTI moved near 69, Brent near 71. 


Indian markets continued to trade higher on rotational trades, indices closed the day with gains of around 0.23%. Gains in IT and Metal sector got partly offset by losses in banking names. Oil & gas sector, autos and telecom sector also saw some gains. Mid and small cap stocks saw some stabilization post two days of profit taking. 


For the day watch for volatility in rate sensitives ahead of RBI MPC meet outcome. Continue to maintain long bias with higher stop loss levels of 15850 with sectoral rotation for extreme short term trade. Any weakness in mid and small cap stocks may be a good opportunity to build up some solid portfolio for medium term outperformance.

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