Market Outlook

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Category: Market Outlook

Friday, June 2, 2023

Market Outlook

US stocks rose on Thursday as the house passed the debt ceiling bill which was sent to the senate for final approval. Dow rose 0.47%, S&P added 0.99% and Nasdaq moved higher by 1.28%.

USD index fell sharply to 103.56, 10 year also traded down near 3.64% and cboe vix fell near 15.65.

Crude futures rose almost 3% on passage of debt ceiling and traders kept an eye on the ensuing OPEC+ meeting. WTI traded above 70, Brent above 74.

Indian stocks fell on weekly options expiry day on weak global cues. Banking and Metal stocks took indices lower but on the flip side IT and Pharma names helped participants to stay afloat. Sensex lost 194 points and Nifty closed below 18500.

*Markets may see some recovery on the back of strong global cues but attention now will be shifting to US jobs report due today and its consequent impact on FED meeting on rates on 14th of this month. Vote on the debt ceiling by the senate as early as on 5th June will also determine near term trend for global equities. As indicated earlier markets move towards life highs may be used to pare down leverages and rebalance portfolios towards winners of next bull charge. We continue to maintain our positive bias towards IT, Pharma and MODIRAP names.*

(as on 4.13 am IST)

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