Category: Market Outlook
27 November 2024
US stocks closed higher, both Dow and S&P jumped to fresh record highs as the market looked through the latest proposal on tariff. Dow gained 0.28%, S&P added 0.57% and Nasdsq gained 0.63%, the small cap Russell 2000 however lost some ground to close 0.73% lower.
USD index traded flat near 106.90, 10 year too remained in range near 4.29% and cboe vix closed lower at 14.10.
Crude futures settled lower reversing from intraday gains after Israel agreed to accept a ceasefire with Lebanon. WTI remained below 69, Brent near 72.50.
Indian markets took a breather after two days of back to back strong moves. Sensex lost 106 points to close just above 80000, Nifty lost 28 pounts to close below 24200. Auto stocks along with some banking heavyweights saw some profit taking but on the flip side IT names and RIL held ground to support the indices, SMID names continued to gain some upward momentum in an otherwise dull market.
*Positive Wall Street cues, November series expiry related blues and positive global macros may dominate trade set up on Dalal Street for the rest of the week. Participants may note that Wall Street may offer limited cues post Wednesday due to Thanksgiving holidays. Continue to look at opportunities in individual names as markets set their sight on probable year-end bump up. The global markets may also look at US macros especially Black Friday sales and inflation data ahead of FED meet in December for near term cues.*
(4.31 am IST)