Category: Market Outlook
26 July 2024
US stocks ended mixed after stronger than expected Q2 GDP data that showed the economy grew at 2.80%. Dow gained 0.20%, S&P lost 0.51% and Nasdaq closed 0.93% lower as technology shares recovery faltered. The small cap Russell 2000 outperformed markets gaining 1.26% as money continued to rotate back to the broader market.
USD index traded near 104.39, 10 year traded near 4.24% and cboe vix closed higher near 18.46.
Crude futures rallied almost 1.00% taking support from stronger than expected US GDP data. WTI moved above 78.25, Brent near 81.50.
Indian markets closed lower amidst volatility led by Banking stocks, global equity weakness and July series expiry related moves dominated trade on Thursday. Sensex closed 109 points lower and Nifty ended just below the flat line. PSU oil refiners along with heavyweights like TATA Motors, TCS, extended support to indices in an attempt to recovery from opening losses.
*Mixed global equity cues, progress in Q1 results season and stock rotational moves may continue when Dalal Street opens for trade on Friday. Participants may continue to watch out for stocks that are showing fresh breakouts as some of the hot sector stocks of the last couple of months may see some consolidation before the next move.*
(3.24 am IST)