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US stocks moved higher after the Fed announced that it was likely to begin reducing its monthly bond purchases as soon as November and signalled that interest rate increases may follow more quickly than expected. US triplets rose close to 1% to register best gains since July 2021.The small cap Russell 2000 outperformed with gains close to 1.48%.
US dollar moved higher, post Fed announcement, near 93.45, 10 year fell near 1.30%, Cboe Vix also declined near 20 (but still trades in cautious zone).
Crude futures traded flat to mildly positive, WTI moved just above 72, Brent remained flat near 75.5.
Indian stocks turned cautious ahead of Fed meet and the crucial outcome on Evergrande payment obligation due today. Reality stocks were the star performers along with new driven names like Zee, in an otherwise dull market. Metal stocks also staged some comeback as fears on Chinese property defaults eased.
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For the day watch for stock specific volatility on Weekly options expiry. Also watch for news on repayment obligation from Evergrande later during the day and for the end of 'traditional consolidation September' period and a breakout in mother market. Investors may complete the rebalance of portfolio as the mega events like Fed taper tantrum and Chinese property troubles may be out of the way by end of the week.
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By: via @AlliesFin Serve Stock Market
