Pre Market - Snapshot - 10-08-2021


 


US stocks traded mixed with some softer bias as concerns over global growth due to resurgence of Covid dominated participants mind. Dow fell almost 0.30%, S&P fell close to 0.10% but Nasdaq went up close to 0.16%. The small cap Russell 2000 lost close to 0.58%. 


US dollar moved higher to trade just below 93 (cmp 92.98), 10 year also continued to recover near 1.32%, Cboe Vix closed higher near 16.72. 


Crude futures continued to see further weakness to multi-month lows, WTI closed near 67 from an intra+day low near 65, Brent also recovered above 69 after hitting intra-day low near 66.50.


Indices regained some of Friday's losses in a lackluster market. PSU banks and Metal stocks were showing weakness but benchmarks got support from Private banks and IT stocks. Mid and small cap index lost between 0.60% to 1.00%. Broader markets, in the last few sessions, are witnessing a mini sell-off due to the froth that got built up over last few months. 


For the rest of the week stocks may continue to see further consolidation before the next move. Use current weakness in mid and small caps to rebalance the portfolio from overvalued stocks to stocks that are reasonably priced with better visibility to sustain / grow in a difficult economic environment.

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