_For May 29, 2023_
Stocks rallied on Friday on the optimism of a resolution to the debt ceiling negotiations. Dow gained 1% snapping a five day losing streak, S&P added 1.30% and Nasdaq closed 1.90% higher from the low of near 10000. Nasdaq has rallied almost 30% to reach almost 13000 in a few months (we had indicated earlier that Nasdaq is making a base near 10000 and getting ready for a solid upmove).
USD index traded flat near 104.23, 10 year also remained range bound near 3.81%. cboe vix closed below 18.
Crude futures moved higher after US debt ceiling negotiations saw some progress and mixed signals eliminated from OPEC+ significant producers. WTI rose near 72.75, Brent traded above 77.
Indian stocks traded higher for the second day on strength in FMCG and IT names. Indices added close to 1% as global equity sentiments improved. Sensex gained 629 points and Nifty closed near 18500.
Markets may continue to gain strength on strong global cues and may take on life highs this week. Participants may gradually reduce trading positions as indices scale to newer heights to more manageable levels for some pull back post new highs. Investors may continue to look out for opportunities to build long term portfolios.
@AlliesFin
By: via Telegram.me/AlliesFin #StockMarket #india
