Category: Market Outlook
31 May 2023
Market Outlook

US stocks finished mixed paring opening gains as investors digested tentative deal that may raise the debt ceiling for two years. Dow finished lower by 50 points, S&P closed just above the finish line and Nasdaq traded higher by 0.32%, topping 13000 for the first time in many months.

USD index eased a bit to trade near 104.06, 10 year fell sharply as investors braced themselves for a vote on debt ceiling deal, cboe vix closed at 17.46.

Crude futures fell sharply ahead of crucial vote on debt ceiling and mixed message from OPEC+ on output cut, the benchmarks fell almost 4.5%. WTI traded below 70, Brent near 73.50 as the signals from producers turned mixed.

Indian stocks advanced for the fourth day as heavyweights in Banking, IT and FMCG lifted the sentiments on Dalal Street. Sensex moved closer to 63000 and Nifty closed above 18600.

*Markets may take a breather ahead of crucial vote on debt in US and as indices approach life highs. As indicated earlier participants may reduce leverages and book profits in trading positions for stocks to see some consolidation/give backs before the next journey beyond life highs begins. Investors may continue to rebalance portfolios towards winners of the next upcycle in the upcoming consolidation phase.*

(as on 4.10 am IST)
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