Pre-Market Snapshot - Dec 6,2022






US stocks fell as stronger than expected ISM data fueled concerns that FED will continue raising rates longer. Dow dropped 1.40%, Nasdaq lost 1.93% and S&P closed 1.79% lower. 


USD index moved higher near 105.30, 10 year also jumped near 3.58% and Cboe Vix moved above 20 to close near 20.75.


Crude futures traded lower following strong US ISM data and stock market weakness that raised concerns over Fed's path over rates. WTI dropped near 77, Brent near 83, a cut of near 3.00% for both the benchmarks. 


Indian stocks traded in a range moving in and out of flat line on mixed lead from global equity markets. Sensex closed just below flat line and Nifty managed to close a tad in green. Metal names gained the most on possibility of more covid relaxations in China, offset by heavyweights like RIL that lost some ground.  PSU banks also gained some ground but Auto and IT names closed marginally lower. 


As indicated markets may consolidate for some more time ahead of state election results /RBI policy during the week and FED meet outcome next week before year-end 'Santa Rally / NAV adjustment' kicks in. Participants may continue to wait for consolidation to get over for putting additional money to work over next few days. For investors with long term view the current consolidation may provide excellent opportunities for stock selection and portfolio restructuring.

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