Category: Market Outlook
24 November 2024
US stocks closed higher led by Small cap and economy facing names as Trump trade gained momentum. Dow added 0.97% to close at fresh life highs, S&P gained 0.35% and Nasdaq closed 0.16% higher. The small cap Russell 2000 once again outperformed the pack with gains nearing 1.80%.
USD index traded at fresh multi-month highs near 107.50, 10 year remained flat near 4.41% and cboe vix closed lower at 15.24.
Crude futures traded higher to post a weekly gain over escalating Russia-Ukraine war. WTI crossed 71 and Brent above 75.
Indian markets saw a strong rally led by heavyweights like RIL, ICICI, INFY. Indices gained close to 2.00% each as focus moved away from Adani related issues. Sensex gained in excess of 2000 points and Nifty added 600 points on intraday basis led largely by IT, Realty and Banking names. SMID names remained mixed as focus shifted to large cap stocks.
*Global equity rub off, state election outcome, rising oil prices and USD index may dominate trade set up in coming week in Dalal Street. The balance of trade still remains in favour of advance as stocks still trade in an oversold zone and a possibility of year end bump up may still be on cards. Participants may continue to hold manageable positions for the near term trade.*
_(as on 4.55 am IST on 231124)_