Category: Market Outlook
26 November 2024
US stocks closed higher, Dow, S&P hit fresh intraday highs, Russell 2000 also hit new life highs after a gap of three years. Wall street cheered the news of the selection of Scott Bassent as a treasury secretary, hoping that he may guide the economy without sparking inflation. At close, Dow gained 0.96%, S&P added 0.30%, Nasdsq added 0.27% and Russell 2000 jumped 1.47%.
USD index traded sharply lower near 106.89, 10 year too fell below 4.30% and cboe vix closed lower near 14.60.
Crude futures fell almost 2.00% on the news of a possible West Asia peace deal. WTI traded near 69 and Brent near 73.
Extending Friday's run up, indices surged upto 1.50% on Dalal Street helped by Wall Street cues and Mahayuti's landslide victory in Maharashtra elections. Sensex reclaimed 80000 and Nifty closed above 24200. BFSI stocks especially PSBs did the bulk of heavy lifting, heavyweights like RIL and LNT also helped indices move sharply higher. SMID names also saw smart recovery from last week lows.
*Strong global cues, sharp fall in triplets; USD index, US 10 year yeilds, crude prices along with change in FPI sentiments towards Indian equities may help stocks on Dalal Street gain further ground. Participants may watch out for November expiry related volatility and continuation of short covering in select heavyweights over next couple of day's trade. Market may also be bracing itself for a 'Santa rally' once the December FED meet outcome is out of the way. Continue to remain long with deeper stop loss in place for an eventful December series.*
(4.23 am IST)