Category: Market Outlook
29 August 2024
Market Outlook

US stocks fell on Wednesday led by chip names ahead of key earnings report from Nvidia. Dow fell 0.39%, S&P traded 0.60% lower and Nasdaq saw a cut of 1.12%.

USD index moved higher above 101, 10 year traded flat near 3.84% and cboe vix closed higher near 17.11.

Crude futures continued to trade down falling over 1.00% on reducing worries over Libyan production and stronger dollar. WTI fell near 74, Brent near 78.

Indian markets closed modestly higher taking cues from global equities that showed mixed trends. Sensex gained 74 points after almost scaling to intraday life highs and Nifty added 35 points after hitting new intraday life highs. IT stocks saw strong gains lifting the sector index close to 1.50% but some give backs in BFSI names offset gains in the indices. Pharma stocks along with select Auto and FMCG names also saw some gains during day's trade.

*Mixed global cues, August series expiry and some crosscurrents on rise in USD index vs fall in crude prices may dominate trade setup on Dalal Street. Participants may continue to look at opportunities in individual names but keep the exposure on manageable levels as stocks may see high volatility due to monthly expiry and fear of heights at life time high zone.*

(3.13 am IST)
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