Category: Market Outlook
23 July 2024
Market Outlook

US stocks closed higher led by technology names that snapped a three day losing streak. Dow gained 0.32%, S&P added 1.08% and Nasdaq closed 1.58% higher.

USD index traded near 104.28, 10 year also moved higher near 4.25% and cboe vix closed lower near 14.91.

Crude futures continued to trade lower following president Biden's announcement that he will not pursue the second term. WTI fell below 79.50, Brent below 82.

Indian indices closed lower a day ahead of Union Budget led by fall in heavyweights like RIL and Kotak Bank. Sensex lost 103 points recovering from intraday loss of more than 500 points, Nifty closed 22 points lower. Mid and Small Cap stocks saw some recovery from last week's selloff.

*Strong global equity cues, fall in crude prices may help sentiments on Dalal Street but the tone for the markets will be set by Budget 2024 proposals and stocks may remain volatile during the presentation of the Budget. Participants are advised to wait for the presentation to get over and read the fine print before committing fresh money to the markets.*

(3.49 am IST)
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