Pre -Market - Snapshot - 22-11-2022

 



US stocks edged lower led by energy names that lost ground on Chinese COVID worries taking oil prices lower. Dow traded in an out of flat line to close with cuts of 0.13% , strength in Disney failed to offset losses in energy names, S&P lost 0.39% and Nasdaq closed 1.09% lower.

USD index moved higher near 107.79, 10 year traded flat near 3.82% and cboe vix closed further down near 22.36. 

Crude prices recovered from intraday losses in excess of 3% after Saudi denied OPEC+ plan to raise output, WTI traded above 80 and Brent just below 88. Crude futures fell near January lows intraday on possibility of output raise which was denied later by the producers. 

Financials and IT names dragged Indian markets lower for the third day in row, Sensex lost 518 points and Nifty closed below 18200. Mid and Small cap names showed some resilience in an otherwise weak market. 

Markets may  consolidate further as global cues continue to remain weak and macros like dollar index and US treasury recover some lost ground. Participants may focus on individual names as November expiry related volatilty may offer quick gains over index moves. Markets may also look forward to RBI policy, weakness in crude and expect Santa rally to bring some cheer for bulls towards the end of the calendar. Participants may continue to trail stops on index front for near term trade.

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