Pre Market - Snapshot - 24-09-2021


 

US markets surged from September slump, Dow recorded its best two day rally in six months on the hopes that the economy can sustain gradual tapering of stimulus and ease of trouble in Chinese property market.Dow gained 1.48% on energy and banking names, S&P saw gains of 1.21%, Nasdaq added 1.04% to overnight trade. The small cap Russell 2000 outperformed with gains of 1.82%.


US dollar index saw a sharp pullback near 93.06 level, Cboe Vix fell below 19, US 10 year posted biggest single day gain since March to close near 1.43%. 


Crude futures also moved higher on risk-on trade, WTI moved above 73, Brent crossed 77. 


Indian stocks hit fresh record highs as Sensex almost touched 60k and Nifty topped above 17800 on global risk-on trade. Property names continued to outshine the market with names like DLF, Godrej properties, Oberoi realty seeing double digit gains. Banking and financial services stocks also saw some gains. Mid and Small cap stocks had a mixed day underperforming the index majors. 


For the day watch for improvement in market breadth with more sectors joining the Dalal street party from mid and small cap names. Do not chase stocks that are defying gravity on daily basis and look out for fresh breakouts from consolidation as markets will reward patience over the next 3 to 4 months.

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