Pre-Market Snapshot - Dec 29 ,2022


 Wall Street sank on Wednesday extending year-end slide as worries over growth continued. Dow lost 1.10%, S&P dropped 1.20% and Nasdaq closed 1.35% lower. Apple and energy stocks took its toll on Dow and S&P respectively as the tech giant fell to its 52 week low and energy names fell as crude lost some ground. 


USD index moved higher near 104.52, 10 year also continued its upward move near 3.89%, Cboe Vix closed up near 22.14.  


Crude futures eased a bit on light trading as worries over Chinese COVID cases persisted, WTI eased near 78 and Brent near 83. 


Indian indices closed near flat level amidst volatility owing to low volumes due to holiday season, stocks continued its rotational drive with Oil and Gas, Power and Fertilizer stocks gaining ground along with some positive momentum for IT names. Sensex lost 17 points and Nifty gave back 10 points at close. 


Weak global cues and December series expiry will dominate trading today, the day may see individual stocks turning volatile amidst lower volumes and stock positioning. Participants may continue using rotational bias to trade for next few sessions as linaer movements are difficult to come by. For near term the new year allocation and budget related build up will remain a major factor for trend determination. First few weeks of trade for 2023 may determine the sector / stocks that will top the charts for rest of the year and early indications are that they may be a bit different from the 2022 list.

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