Pre-Market -Snapshot - Dec 18 , 2022


 

US stocks reversed its  previous day's gains on weak corporate results and worries over slowdown. Dow lost almost 1.05%, S&P lost 1.45% and Nasdaq gave back 2.18%. 


USD index traded flat near 104.42, 10 year also moved in a narrow band near 3.69% and cboe vix jumped near 22. 


Crude futures traded in narrow band taking a breather after a strong couple of days moves, WTI remained near 78, Brent just below 82. 


 Indian stocks traded lower on worries over surging COVID cases in China, Japan, South Korea. The pressure of weekly options expiry intensified selling towards the end of the day. Sensex lost 241 points to close below 61000, Nifty lost 72 points and closed near 18127. 


Weak global cues and worries over rising COVID cases may continue to dominate trade at open at Dalal Street. Participants may watch out for any signs of stabilization before putting additional money to work for near term but investors with long term horizon may use the current give backs to rebalance portfolios towards developing reality keeping in mind  2023 and beyond allocation possibilities and move into names that have seen decent corrections without change in long term outlook towards the stock.

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