Pre Market - Snapshot - 03-09-2021

 



US stocks moved higher after economic data showed that recovery is on track. Dow rose 0.4%, the S&P 500 rose 0.3%, setting a fresh record high. The Nasdaq rose  0.1%, as large technology stocks extended their gains into new record highs. The small cap Russell 2000 once again outperformed with gains of close to 0.74% topping 2300 after a gap of many weeks. 


Dollar index declined further near 92.21, 10 year traded flat just below 1.3%, cboe vix moved marginally higher above 16.4.


Oil futures rallied in hopes of economic recovery and dollar weakness, Brent moved near 73, WTI traded near 70. 


Indian indices rallied nearly 0.90% to close at fresh record highs lead by all round buying in IT, Banks, FMCG, Pharma and Real Estate heavyweights.Mid cap stocks also gained close to 0.93% whereas small cap index moved 0.80% higher.  


For the day markets may see some consolidation in new high zone ahead of crucial jobs data in US. For the near term, movement in US dollar index and global equity sentiment may have its influence on how indices progress in life high zones but the broader markets may start to participate in the rally post last few weeks consolidation/correction. Watch out for end of consolidation phase for mid and small cap names by end of next week for medium term momentum investors.

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