Market Updates for 11 11 22
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US markets staged a monster rally as lighter than expected inflation print helped bulls to take charge and lift indices to post best single day gains in nearly two years (as indicated, global markets, especially Nasdaq, were trading in an oversold zone and a powerful counter trade rally was overdue). Dow gained 3.70%, S&P added 5.54% and Nasdaq jumped a whopping 7.35% on Thursday.
USD index dropped sharply below 108, 10 year also saw big cuts towards 3.81% and cboe vix closed below 23.50.
Crude futures also gained some ground taking cues from equity markets, WTI moved above 86, Brent above 93.
Indian stocks lost some ground as weekly options expiry and global equity sentiments took stocks lower. Autos and Banking stocks traded lower on some profit taking. Nifty dropped below 18050 and Sensex lost 420 points.
*Strong global cues along with continued FII flows may once again propel Indian indices to take a step forward towards life high zone. Watch for a strong recovery in oversold names especially in IT stocks which is overdue (as indicated earlier 2023 may see IT / Pharma stocks take a lead to outperform the markets). Participants may gradually build short term portfolio tilted towards indicated sectors to create alpha over near term (not ignoring other sectors that may also participate, albeit at a slower pace, once indices take out life highs). Continue to trail stops for near term positions and position portfolios for the bull charge post life highs.*
_(as on 4.29 am IST)_
By: via Allies Fin Serve Stock Market
