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Category: Market Outlook

05 June 2023

Market Outlook

_For June 05th, 2023_

US stocks surged across the board on Friday as investors focused on strong economic data and passing of debt ceiling bill. Dow gained 2.12% registering its best day of 2023, S&P added 1.45% advancing into bull market territory and Nasdaq gained 1.07% hitting one year highs. The small cap index Russell 2000 gained the most adding 3.56% over previous day's close. _As indicated earlier Russell 2000 was making a strong bottom near 1700,_ with Friday's gains the index has gained almost *8%* from the recent lows.

USD index traded higher near 104.04, 10 year also traded higher near 3.69% on strong jobs report and Cboe Vix fell near 14.60 nearing 2 year lows.

Crude futures rallied for the 2nd day in a row paring weekly losses ahead of crucial OPEC meet. WTI traded near 71.50, Brent near 76.40.

Indian stocks closed higher amidst volatility on Friday, Nifty added 46 points to close near 18534 and Sensex gained 119 points. Markets drew comfort from the clearance of debt ceiling by both the houses in US. Autos, Metals and Realty names along with select IT and Pharma gained the most at close on Friday.

*Strong global equity cues and strength in Indian macros may push Indian indices near life highs in the coming week. Participants may take some profits as indices cross life highs for some consolidation during second half of June 2023. For investors the current rally provides enough opportunities to rebalance portfolio.*

_(as on 10.42 am IST on June 03rd, 2023)_

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