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US stocks closed higher, S&P, Russell 2000 hit fresh record highs on softer than anticipated inflation print and some moderation in crude prices. Dow gained 0.13%, S&P added 0.65%, Nasdaq gained 0.81% and the Small cap Russell 2000 added 0.24%.
USD index fell near 99.80, 10 year bond yields eased near 4.64% and cboe vix moved up a bit near 14.63.
Crude futures fell after US energy secretary claimed that export through Strait of Hormuz is higher than independent estimates. WTI dropped below 81.25, Brent fell near 87.
Indian markets closed mixed amidst volatilty as Sensex and Nifty showed divergent trend towards end of trade. Some recovery in TATA group shares alongwith support from FMCG, AUTO names help indices recover from opening blues but weakness in Banking heavyweights and RIL limited the recovery trade. On broader markets stocks once again posted mixed trades with advances exactly matching declines and few stocks showing exceptional trends to hit fresh highs.
Positive Wall Street cues, moderation in US yields and crude prices may help indices to keep thier head above the near term support. With earnings season coming to close, markets near term focus may now shift to geopolitical developments near Strait of Hormuz, US FED'S testimony at Jackson hole symposium and global economic data on growth inflation dynamics. Participants may continue to remain hopeful of stability at near term support zone and use stock specific opportunities to trade for immediate term.
(3.19 am IST)