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US stocks closed mixed after inflation and weekly jobless data that were more or less inline with expectations. Both Dow and S&P closed lower by 0.48% and 0.16% respectively while Nasdaq closed 0.11% higher. On monthly close basis Nasdaq registered its worst performance of 2023 and banking stocks had their worst performance since March.
USD index traded sharply higher near 103.64, 10 year remained flat near 4.10% and cboe vix closed lower near 13.57.
Crude futures climbed almost $2 on the expectations that the output cut by producers would continue throughout 2023. WTI traded near 83.50, Brent near 87.
Indian stocks continued to trade with high volatility to end August series with some losses. Sensex lost 256 points and Nifty saw a cut of 94 points as two heavyweight sectors moved in opposite directions. IT stocks gained some ground but Banking names pushed markets lower.
Indices may consolidate ahead of key non farm payroll data in US but stocks may start the fresh series with some optimism. Participants may continue to build positions for year-end rally as some of the stocks have started breaking out. After a dull August, indices are well placed to make a base for calender-end 'Santa Rally'.
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By: via Telegram.me/AlliesFin #StockMarket #india
