Trade Setup: Top News Ahead of Market Opening on October 17, 2023
Trade Setup for Tuesday
Trade setup for Tuesday, 17 Oct 2023– Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock market indexes are trading higher on Tuesday following gains from Wall Street overnight. Japan’s Nikkei is trading higher by 1.16 percent after a sharp fall in the previous session. Australia’s S&P/ASX 200 is up by 0.47 percent ahead of the minutes of its central bank’s last policy meeting.
South Korea’s Kospi also added 0.63 percent at this time. Shanghai index is trading slightly negative by 0.17 percent, while Hang Seng is up by 0.78 percent. Elsewhere, the Straits Times and Taiwan are also trading in the green territory at 7.20 a.m. IST.
Gift Nifty is trading marginally higher by 3 points or 0.02 percent at 19814 levels. The indication from Asian markets is positive today. The Indian stock markets are likely to open higher and trade above their neutral lines.
U.S. Stock Market Indexes Updates
US stock markets closed higher on Monday despite a surge in Treasury yields as investors’ focus now shifted to big corporate earnings. The mega-caps tech stocks including Microsoft, Meta Platforms, Alphabet, and Amazon ended higher by about 1-2%% each, while Apple slipped just below the flat line after the report the company’s iPhones were off to a disappointing start in China.
The yield on the 10-year Treasury note ended at 4.712%, it was closed at 4.627% on Friday. The shares of Lululemon Athletica closed higher by 10% after the sportswear apparel maker is set to join the S&P 500 index this week, replacing Activision Blizzard.
The key US stock market indexes Dow Jones Industrial Average and S&P 500 gained 0.93 percent and 1.06 percent respectively, while Nasdaq was up by 1.20 percent on Monday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Monday as financial and mining stocks rallied, while investors remained focused on the Middle East conflict. The mining stocks gained, as the price of base metal was up on the hopes of an increase in demand from China. Polish equities outperformed after a dramatic weekend election vote.
The shares in European listed pharma giants GSK, Genmab, Novartis, and Roche struggled after American peer Pfizer trimmed its revenue guidance for the full year due to lower-than-expected sales of its COVID-19 vaccine.
The pan-European Stoxx 600 index gained 0.23 percent. The key European stock market indexes CAC and DAX gained 0.27 percent and 0.34 percent respectively, while the UK’s FTSE was up by 0.41 percent.
Indian Stock Market Indexes
Indian stock markets closed lower for the third consecutive day on Monday. The markets opened flat to negative amid weak global cues and traded volatile in the tight range on Monday. Meanwhile, the broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes closed in the green.
The market breadth was almost neutral with the advance decline indicating an equal ratio at the close. FIIs were the net sellers in the Indian equity markets, they offloaded shares worth Rs 593.66 crore while DIIs were the net buyers, they bought shares worth Rs 1184.24 crore.
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