Pranam,
US stocks reversed the opening gains after slew of corporate earnings and economic data failed to meet investors' expectations. Dow lost 0.70%, S&P lost 0.88% and Nasdaq closed full percentage lower. At one point all three majors were up 1% or more.
USD index traded a bit lower near 103.22, 10 year moved higher near 3.66% and cboe vix jumped near 20.71 indicating some fear returning to markets.
Crude futures eased a bit after multidays of runup, WTI eased below 78, Brent traded lower near 84.
Indian stocks remained range bound with some upward bias as crosscurrents on Adani stocks vs the other heavyweights resurfaced. IT names along with some Banking names gained ground while Metal and Adani group stocks traded lower amidst weekly options expiry related volatility. At close, Sensex gained 140 points and Nifty added 20 points.
Markets may continue to remain choppy on global cues, the rotational bias remains the only way out for the time being as earnings season draws a close and news flows dries down. Participants may use major givebacks to load up positions and avoid chasing meltups as index heavy stocks return to base after brief upmoves. On the flip side however many mid/small cap names are showing signs of major breakout and more linear moves that may help participants outperform the markets. Continue to look out for opportunities beyond popular names as some of the stocks may have already charted a long term journey of wealth creation.
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By: via Telegram.me/AlliesFin #StockMarket #india
