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Category: Market Outlook

01 June 2023

Market Outlook

US stocks fell on Wednesday as investors kept an eye over the debt ceiling vote debate. Dow fell 0.41%, S&P lost 0.61% and Nasdaq closed 0.63% lower.

USD index moved up a bit to trade near 104.23, 10 year fell near 3.64% as vote on the debt deal was awaited, cboe vix rose to 17.94.

Crude futures continued to trade lower on Russia Saudi standoff, higher dollar and weak Chinese data, WTI traded near 68, Brent near 72.50.

Indian stocks snapped four day rally on weak global cues and some profit taking ahead of GDP data, Sensex lost 347 points and Nifty lost 100 points lead by weakness in Oil and Gas and Banking names. FMCG, Realty and Healthcare stocks showed some promise in an otherwise weak market.

*Markets may continue to consolidate as cues from the global markets continue to be mixed. Markets may also watch the outcome of the vote on the debt ceiling and stocks may turn a bit volatile on weekly options expiry. Participants may continue to reduce leavrages for some consolidation in stocks before the next bull charge.*

(as on 4.03 am IST)

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