Category: Market Outlook
24 July 2024
US markets ended just below flat line after Alphabet and Tesla missed earnings. Small cap Russell 2000 on the other hand added more than 1.00% as money continued to rotate into broader names, small cap Russell added almost 3.00% in the last two days.
USD index traded near 104.45, 10 year remained flat near 4.25% and cboe vix closed at 14.72.
Crude futures fell to its lowest levels in six weeks on demand concerns as possibility of Middle East truce. WTI traded lower near 77, Brent fell near 81.
Indian markets ended marginally lower in a volatile trade as some of the budget propoals disappointed street. Indices fell almost 1.50% intraday on FMs proposal to hike tax rates on LTCG, STCG and STT, but sharp upmove in FMCG names and some recovery in other heavyweights helped indices close just below the flat line. Banking names, Capital goods , Railways and Defence stocks lost the most on allocation that remained unchnged from interim budget plans.
*Muted global equity cues and after effects of budget may dominate trade set up on Dalal Street today. Participants may continue to watch for some stability in individual names as markets may now focus on Q1 earnings season as big budget event is now out of the way. Markets may also trade as per global equity tune/macros as most of the local events are now behind.*
(4.55 am IST)