Pre Market - Snapshot - 07-10-2021


 

US stocks moved higher on the expectations that Congress may reach a deal to raise debt ceiling that may prevent government default. Dow moved 0.30% higher, S&P added 0.41%, Nasdaq closed 0.47% higher reversing cuts in excess of 1% at the open. The small cap Russell 2000 underperformed with cut of close to 0.60%. 


US dollar index moved higher near 94.25, 10 year traded flat near 1.53%, Cboe Vix remained at elevated levels of 21. 


Crude futures saw some givebacks on profit taking, Brent corrected near 81, WTI fell to 77. 


Indian stocks ended down erasing strong opening session in late hour sell-off,  Sensex lost 0.93%, Nifty ended 0.90% down. Metal, Pharma and Realty stocks were the top losers for the day. Mid cap index lost close to 1.22% but small cap index outperformed with cuts of only 0.55%. 


For the day watch for weekly options expiry related moves and some stabilization towards the end of the day. Watch for RBI policy scheduled for tomorrow for some direction next week. Traders may continue to watch for some consolidation before adding to positions next week. Also watch for some stabilization in Rupee-Dollar equation and crude prices.

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