Pre Market - Snapshot - 1708/2021


 

US markets recovered all the opening losses to close at yet another record highs. Stocks opened lower on jitters over pace of economic recovery and disappointing data from China but recovered towards the end of session. Dow closed with gains of 0.31%, S&P gained 0.26%, both Nasdaq and Russell 2000 underperformed with cuts of 0.20% and 0.89% respectively. 


US dollar index and 10 year traded flat near 92.60 and 1.26% respectively. Cboe Vix moved higher above 16. 


Crude futures also traded flat post last week's sell-off, Brent below 70, WTI below 68. 


Indian indices closed at fresh record highs with Sensex and Nifty adding 0.26% and 0.21% to their overnight trade. Metal sector contributed to the bulk of the gains on indices and most of the other sectors saw mixed performance from stocks. Mid and small cap indices once again underperformed with adverse advance-decline ratio.


For the day watch for continuation of sector rotation and near term outperformance from index heavyweights at the expense of broader markets before the market wide breakout catch up. Continue to rebalance portfolio for a strong Q3 and Q4 for the broader markets.


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