Friday, 30 June 2023

Telegram.me/AlliesFin #StockMarket #india's Post

Dow and S&P closed higher on Thursday. Bank shares led the market higher after major lenders cleared FED's stress test offsetting rate worries over strong economic data. Dow gained 0.80%, S&P added 0.45% but Nasdaq closed near flat line.

USD index and 10 year moved higher after strong economic data raised the chance of rate hikes. US Q1 GDP was revised upwards from 1.3% to 2.00% and jobless claims continued to push lower pushing USD index above 103.35 and 10 year near 3.84%. Cboe vix closed near 13.54.

Crude futures traded upwards after higher than expected US inventory drawdown offset worries over rate hikes. WTI moved near 70, Brent traded above 74.

Indian stocks rallied to record highs on Wednesday on the back of strong FII buying, positive cues from global equity and lower crude prices. Both Sensex and Nifty briefly crossed 64k and 19k respectively on strong show by large caps. Sensex gained 499 points and Nifty 155 points at close.

*Markets may continue to show some gains into life high zone as global equity outlook remains favourable. Participants may continue rotating positions among sectors as stocks may see alternate bouts of buying as well as some profit taking. For July series Q1 results and outcome of FED meeting remain key for a sustainable trend. Investors may continue to consolidate portfolios with long term outlook as markets firmly make a base into life high zone.*

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https://x.com/cnbctv18live/status/1870100490643747026?s=52 By: ۞ A X i T D S H A H ۞ via AlliesFinServe #StockMarket #Bharat Telegram.me/Al...