Pre Market Updates
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US stocks closed lower as yields jumped on FED officials' signal that their campaign on rates are far from over. Stocks fell sharply at open but recovered large part of intraday loss. Dow closed just below flat line recovering from intraday low of more than 300 points, both S&P and Nasdaq closed 0.31% and 0.35% lower recovering from intraday cuts of almost 1.00% +.
USD index traded flat near 106.70, 10 year jumped near 3.76% and Cboe Vix declined below 24.
Crude futures declined almost 3.00% as China fears and aggressive FED rates hike fears took benchmark sharply lower, WTI fell near 82, Brent near 90.
Indian stocks fell on Thursday on global cues and weekly options expiry. IT names lost the most on cues from Nasdaq along with FMCG heavyweights but on the flip side capital goods names and RIL tried to give some support to markets. Both Sensex and Nifty closed almost 0.35% lower.
Markets may take cues from global factors and consolidate for one more day, rising US yields and fears of aggressive tightening may lead markets lower but falling crude and improving Indian macros may help Indian markets at lower levels. Participants may use weakness to buy into names that are more domestic focussed / offering value due to deep correction for long term investment.
(as on 4.15 am IST)
By: via Allies Fin Serve Stock Market
