US markets posted strong back to back gains for two days as investors started to digest banking troubles and penciling in slower rate hikes or even a pause. Dow gained 0.43% on Thursday adding onto strong gains of Wednesday, S&P stayed above 4000 for the second day in a row and Nasdaq topped 12000 after many days of trade.
USD index traded in a narrow range near 102.20, 10 year traded flat near 3.55% and cboe vix continued to trade lower near 19.02.
Crude futures moved higher on favorable US supply demand equation, WTI moved above 74, Brent traded above 79.
Indian stocks posted strong gains on Wednesday as short covering and some bargain hunting helped stocks post solid gains on March expiry. Most sectors saw stocks recovering from multi-day sell-offs led by IT, Auto and Metal names. Sensex added 346 points and Nifty gained 129 points at close.
Stocks may continue to recover on global equity sentiments ahead of the start of the Annual results season. Favorable USD index, some FPI allocation and bargain hunting may help stock seek higher levels before the results season decides the fate of individual names for near term. Participants may continue to hold positions with trailing stops losses near March lows for the next few weeks to benefit from recovery trade. Many global markets are now trading at their 2023 highs (some European markets are trading at stones throw away from life/one year highs), raising hopes at Dalal Street for a more durable rally.
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