Trade Setup for Friday: Stock Market Today (1 Dec 2023)

 

Trade Setup for Friday

 

Trade Setup for Friday, 1 Dec 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 mostly lower on Friday despite the positive cues from Wall Street overnight, as investors are waiting for the manufacturing activity data across the region. Japan’s Nikkei is trading edged lower by 0.03% as Japan’s Manufacturing PMI fell in November but slightly better than the flash reading.  Australia’s S&P ASX 200 is down by 0.38% after gaining for three consecutive days.

South Korea’s Kospi is trading lower by 0.74% despite the country’s factory activity in November remained steady after a gap of 17 months. Shanghai and Hang Seng are trading lower by 0.23% and 0.17% respectively ahead of China’s Ciaxin Manufacturing PMI data. Elsewhere, the Strait Times and Taiwan are trading in the green at 7.20 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed mixed on Thursday. Dow Jones jumped more than 500 points and wrapped up solid gains in November, as investors cheered further slowdown in inflation and upbeat corporate earnings. 

The Personal Consumption Expenditures (PCE) price index, the Fed’s preferred measure of Inflation, excluding food and energy rose 0.2% for the month and 3.5% on a year-over-year basis. Both numbers came as per the Dow Jones estimates and were down from respective readings of 0.3% and 3.7% in September. The headline inflation was flat on the month and at a 3% rate on an annual basis.

The jobless claims data slightly increased to 218,000 for the week ended 25th November. The 10-year Treasury yields climbed to 4.339% on Thursday despite slowing inflation.

The shares of Salesforce and Snowflake both jumped above 9% and 7% respectively, on the back of posting robust quarterly earnings and after lifting their annual guidance.

The key indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index gained 1.47% and 0.38% respectively, while the tech-heavy Nasdaq Composite Index was down 0.23% on Thursday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Thursday, marking the end of the best month in 2023. Investors analyzed the eurozone inflation data which showed pressures from rising prices are easing.

The preliminary data released by Eurostat showed that the Eurozone inflation came lower at 2.4% annually in November, lower than the 2.7% expected by the economists and a decline from 2.9% recorded in October. 

The economic data released in France showed that inflation slowed to 3.4% annually in November, the October reading was 4%. The GDP growth for the third quarter released in France came at a 0.1% decline, after rising significantly by (+0.6%) in the previous quarter.

The pan-European Stoxx 600 index closed higher by 0.55% at a 10-week high. The major European stock market indexes CAC and DAX gained 0.11% and 0.15% respectively, while the UK’s FTSE was up by 0.41% on Thursday.

 

Indian Stock Market Indexes

 

Indian stock market indexes closed slightly higher amid volatility on Thursday. Benchmark indices traded volatile due to November’s F&O expiry on the NSE. The domestic markets opened slightly higher following mixed global cues and traded below their neutral lines in most parts of the session. 

Traders remain cautious ahead of the economic data both domestically as well as globally and exit poll of Assembly Elections of five states. The market breadth was positive with the advance decline indicating a 3:2 ratio at the close. FIIs were net buyers, they bought shares worth 8147.85 crore while DIIs were the net sellers and they sold shares worth Rs 780.32.

 

Stock Market Today

 

Gift Nifty is up 70 points at 20329 levels. The cues from the US markets are positive, while Asian markets are trading mostly lower. Meanwhile, the indication from Gift Nifty is positive. Indian stock market indexes are likely to open higher and trade positively, due to the optimism of strong economic data released on Thursday post markets and as FIIs turned buyers.

 

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News you should read before the trade setup for today, 1 Dec 2023

 

India’s fiscal deficit for the first seven months from April to October widened to Rs 8.04 lakh crore from Rs 7.02 lakh crore in April to September. The fiscal deficit for the first seven months of FY24 accounts for 45% of the full-year target of Rs 17.87 lakh crore. It was 45.6% of the target in the same period last year.

On Thursday according to the data showed by the Ministry of Commerce and Industry, India’s eight core sectors grew at 12.1% in October. The revised data showed the eight core sectors grew by 9.2% in September.

According to the Ministry of Statistics and Programme Implementation (MoSPI), India’s Gross Domestic Product (GDP) growth rate was recorded at 7.6% in Q2FY23-24, July-September period. The GDP data came significantly higher and above expectations. The first quarter GDP was recorded at 7.8%.

 

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