Category: Market Outlook
25 July 2024
Market Outlook

US stocks ended sharply lower on earnings miss by two constituents of MAG SEVEN, Tesla and Alphabet. Dow fell 1.25%, S&P lost 2.31% and Nasdaq closed lower by 3.64%, its worst day since 2022.

USD index traded near 104.39, 10 year moved a bit higher near 4.28% and cboe vix topped 18.

Crude futures snapped a three day losing streak on falling US inventories and news of wildfire in Canada may disturb production. WTI traded above 77.50, Brent near 81.75.

Indian markets saw yet another wave of volatility as participants digested Budget 2024. Sensex lost 280 points and Nifty saw a cut of 66 points led by Banking heavyweights and some profit taking in FMCG stocks. Mid and Small cap stocks showed surprising resilience, Mid cap 100 index bucked the trend showing healthy gains during the day.

*Sharp fall in US markets and some after effects of Budget 2024 may continue to weigh when Dalal Street opens for trade today. Weekly options expiry and some stocks specific moves may offer participants to make some money at lower levels. Continue to watch out for progress in Q1 results season and global equity and macro data for near term positioning.*

(4.20 am IST)
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