Pre Market update 24 11 22
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US stocks staged a late day rally ahead of Thanksgiving holiday post release of FED meet minutes that showed officials ready to consider slower pace of rate hikes. Dow closed 0.28% higher, S&P added 0.59% and Nasdaq gained 0.99%.
USD index came off sharply to trade near 106.15, 10 year also fell near 3.69% and cboe vix closed near multi-month low of 20.35.
Crude futures fell almost 3.50% to multi-month low as G7 considered price cap for Russian oil above current price. Chinese covid worries and higher than anticipated US stock piles also added to worries over crude prices, WTI fell to 77, Brent near 84.
Indian stocks closed modestly higher on penultimate day of November expiry led by BFSI names. Nifty closed near 18267 and Sensex added 91 points at close in a dull trade on Wednesday. Metal names along with BFSI stocks offset losses in IT names to take indices modestly higher at close.
*Improving global factors like fall in crude prices / USD index /treasury yields / volatility index along with positive sentiments may augur well for stocks to gain some more ground at Dalal Street. Participants may watch out for November series expiry blues for today and also focus on broadening of market breath over next few weeks. Participants may also await start of Santa rally, historically December trades are dominated by calendar end rallies with lower participation due to Xmas holidays. Continue to maintain trailing stops for upcoming period that has traditionally helped bulls to consolidate some leads by end of year.*
_(as on 4.28 am IST)_
By: via Allies Fin Serve Stock Market
