Market update 15 oct 22
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US stocks took a pause after a strong rally as markets struggled to take a direction. Dow lost 0.63%, S&P gave up 0.89% and Nasdaq closed 1.12% lower.
USD index traded in a narrow range with a small positive bias near 106.89, 10 year moved marginally higher near 3.86% and cboe vix closed up at 23.73.
Crude futures lost ground on Monday on reports of surging covid cases in China, WTI dropped $3 to trade near 85, Brent fell below 93.
Indian stocks closed lower amid volatility as markets took a breather post strong rally of previous trading session. FMCG stocks along with some weakness in BFSI names took indices lower but on the flip side Metal and Realty names moved higher to give some support to markets. At close, Nifty lost 11 points and Sensex gave back 170 points.
*Markets may continue to consolidate just below life highs as global cues turn mixed. Stocks may continue to offer rotational bias and participants may use quick entry / exit opportunities that come up during the final consolidation phase pre-life beyond uncharted territory. With Q2 results season coming to an end investors may complete the portfolio rebalancing for next bull charge once indices take life highs out.*
_(as on 4.19 am IST)_
By: via Allies Fin Serve Stock Market
