Pre Market - Snapshot - 24-08-2021


 

US stocks moved higher on Monday following a very volatile week.Dow gained 0.60%, S&P added 0.80% just below record highs, Nasdaq gained 1.50% to a new record close. The small cap Russell 2000 once again outperformed with gains of 1.88%. 


US dollar index declined sharply below 93 on some risk-on trade ahead of Jackson hole symposium. 10 year traded flat just below 1.26%, Cboe Vix declined to 17.15. 


The risk-on trade and weak dollar helped crude futures gain sharply, WTI moved near 66, Brent near 69. 


Indian indices moved marginally higher, Sensex added 0.41% and Nifty gained 0.28% lead by IT names but Metals, Autos and Banks were on the receiving end. Mid and small cap stocks continued to remain under pressure as investors took shelter under large and defensive names. 


For the day watch for some stabilization in broader markets on risk-on trade and government push on asset monetization of over 6 lakh crores to push privatization and infrastructure spend. Watch out for early signs of recovery in economy facing names and quality mid/small caps over next few days for a base building of sharp improvement over October-January period.

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