Pre Market - Snapshot - 25-08-2021

 


US stocks extended gains on Tuesday as reopening trade started gaining momentum on vaccine news.Both S&P and Nasdaq (closed above 15000 for the first time) closed at fresh record highs adding 0.15% and 0.52% respectively. The Dow closed just above the flat line. The small cap Russell 2000 once again outperformed the pack with gains in excess of 1%. 

US dollar index traded down near 92.88, Cboe Vix rose marginally near 17.22, 10 year rose sharply near 1.30%. 

Crude futures continued its strong run for second day running, WTI moved above 67, Brent above 71. Markets started to price in supply disruption of almost 25% of Mexican output due to fire. 

Indian stocks rallied strong on global risk-on trade that was visible in dollar index, crude and equities. Banks, Metals and Financial names lead the gains alongwith broader markets that started to see some stabilization post brutal sell-off in the last few days. Some of the popular names in mid and small caps saw sharp rebound from near term lows. 

For the day watch for some more recovery in broader markets and some volatility in derivative markets a day ahead of August expiry. Also watch for some volatilty on account of Fed's Jackson Hole symposium. Continue to rebalance portfolio before the broader market underperformance ends and October rally starts.

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