Trade Setup for Friday: Stock Market Today (1 March 2024)
Trade Setup for Friday, 1 March 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Market Indexes
Asian stock market indexes are trading mostly higher on Friday tracking gains from Wall Street overnight. Japan’s Nikkei 225 bounced back and is trading higher by 1.56%, snapping a two-day losing streak, while Australia’s S&P ASX 200 is trading higher by 0.25%.
South Korea’s Kospi is shut today on account of the Independence Day holiday. The Shanghai index pared early gains and is trading slightly lower by 0.07% after the official manufacturing PMI data came to a tick lower in February compared to January. Meanwhile, Hang Seng is also trading lower by 0.59% at 7.15 am IST
U.S. Stock Market Indexes Updates
On Thursday, the US stock market indexes closed higher, with the Nasdaq achieving a record high for the first time since 2021, driven by a surge in tech stocks following a PCE price index report that met expectations, fueling optimism for potential rate cuts in summer.
The market sentiments became further positive after Atlanta Fed President Raphael Bostic said that he still expects the central bank to start lowering interest rates this summer despite elevated inflation readings.
According to the CME FedWatch tool, the chances of rate cuts in June are showing at 65%. The 10-year Treasury yields slightly eased to 4.257% from 4.266% of the previous close.
The US stock market indexes, the Dow Jones Industrial Average (DJIA), and S&P 500 index closed higher by 0.12% and 0.52% respectively, while the tech-heavy Nasdaq composite index gained 0.90% on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Thursday, as investors digested key inflation data from the US and Germany. Indexes mostly closed higher as the US PCE price index- the Fed’s preferred inflation gauge aligned with the expectation. The market sentiments were positive and Germany’s DAX closed higher by 0.44%, as the country’s inflation fell more than expected in February.
Meanwhile, the eurozone inflation figure for February is due on Friday. The pan-European Stoxx 600 index closed flat to the positive at 494.61. The major sectors closed mixed, with construction stocks gaining the most, while healthcare and food & beverages declined.
The key European stock market index, CAC closed lower by 0.34% while the UK’s FTSE was up by only 0.07% on Thursday.
Indian stock markets
Indian stock market indexes closed slightly higher on Thursday amid volatility. Trading was volatile due to the February month F&O expiry. In the late trade, buyers emerged and the indices ended with minor gains. The midcap and smallcap indexes outperformed and the banking and metal indexes gained the most on Thursday.
The market breadth was positive with the advance decline indicating a ratio of 3:2 at the close. FIIs were the net buyers, while DIIs were the net sellers in the Indian equity cash segments. FIIs bought shares worth Rs 3568.11 crore while DII sold shares worth Rs 230.21 crore.
Stock Market Today
The cues from the US and Asian markets are positive today. On Thursday, Gift Nifty closed 20 points lower and currently trading higher by 41 points at 22193 levels. Indications from the global markets and Gift Nifty are positive today. Indian stock markets are likely to open higher and will trade positively due to robust domestic economic data and in-line inflation reports from the US.
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News you should read before the trade setup for today, 1 March 2024
India’s Q3 gross domestic product (GDP) grew 8.4 percent, according to the Ministry of Statistics and Programme Implementation (MoSPI) on February 29. The economist’s expectation was 6.5% in Q3 down from 7.6% recorded in September end quarter. The statistics ministry now expects 2023-24 GDP growth at 7.6%.
Separately, data released by MoSPI showed, India’s eight core sectors posted growth of 3.6% in January, at its lowest in 15 months. The eight core sector was recorded 4.9% in December.
Another data released by the Controller General of Accounts on February 29 revealed that the fiscal deficit of the Central government increased from Rs 9.82 lakh crore in April-December to Rs 11.03 lakh crore in April 2023-January 2024.
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