A month-long decline in Indian equities triggered by record foreign institutional selling may not have dented the underlying strength in the majority of the larger stocks. Of 1,392 stocks with a market value of over ₹1,000 crore, 62% or 856 are trading above their 200-day moving average (DMA), a key long-term trend indicator, an indication of deep-rooted weakness in the market.
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Stocks extended election-day gains as traders awaited results, with S&P 500 futures rising nearly 0.5%, 10-year Treasury yields increasing, and Bitcoin rallying, indicating a potential Trump victory. Markets showed signs of last-minute positioning, with investors boosting bullish options positions in Treasuries and volatility gauges surging.
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U.S. stocks closed sharply higher in a broad rally on Tuesday after data signaled a solid economy, but investors braced for volatile trading this week as voting was underway in an extremely tight U.S. presidential election. The Institute for Supply Management said its non-manufacturing purchasing managers index, a gauge of the services sector, accelerated to 56.0 last month.
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