Trade Setup for Friday: Stock Market Today (12 April 2024)
Trade Setup for Friday, 12 April 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 mixed on Friday, as investors digested economic data released in the region and awaiting China’s trade data. The fresh data released on Friday showed Singapore’s GDP number grew faster than expected in the first quarter, while Singapore’s central bank has unchanged the monetary policy.
South Korea’s unemployment rate increased slightly in March. The Bank of Korea kept the interest rate steady at 15-year high for the 10th consecutive time. South Korea’s Kospi index traded lower, by 0.26% after investors assessed the economic data and the central bank’s decision
Japan’s Nikkei 225 is trading higher by 0.47%, while Australia’s S&P ASX 200 index is down by 0.28%. The Shanghai index is trading higher, by 0.16% ahead of the trade data, while Hang Seng is down by 0.69%. The Strait Times and Taiwan indexes are trading almost flat at 7.05 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes mostly closed higher on Thursday due to a rally in tech stocks and as investors digested the better-than-expected wholesale inflation data. The key indices opened higher, as producer price index (PPI) inflation rose 0.2% in March, lower than the 0.6% increase in February and 0.3% expectations.
However, the annual core PPI increased by 2.4% in March compared to 2.1%, but the monthly core PPI came, in line with the expectation. Separately, the weekly jobless claim data showed that the number of Americans filing for unemployment benefits for the first time declined more than expected last week, suggesting a strong labor market.
The 10-year Treasury yields closed higher at 4.595% on Thursday from 4.551% settled on Wednesday. On the earnings front, the shares of CarMax declined more than 9% after the company announced disappointing quarterly results. Investors are looking for big bank’s quarterly earnings including JPMorgan Chase, Citigroup, and Wells Fargo later on Friday.
The key US stock market index, the Dow Jones Industrial Average (DJIA) closed just below the flat line, while the S&P 500 index closed higher by 0.74%. The tech-heavy Nasdaq rallied and closed higher by 1.68% on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed lower on Thursday, as investors reacted to the European Central Bank’s monetary policy announcements and more inflation data from the US. Traders were uncertain about the June rate cuts after the ECB president Lagarde’s post-meeting conference. Besides, the European Central Bank (ECB) signaled a cautious approach amid uncertainties surrounding inflation and geopolitical tensions.
The pan-European Stoxx 600 index ended lower by 0.40%, with most sectors ending in the negative territory, banking stocks fell the most. The key European stock market indexes CAC and DAX closed lower by 0.27% and 0.80% respectively, while the UK’s FTSE was down by 0.47% on Thursday.
Indian Stock Markets
On Wednesday, Indian stock market indexes closed higher. The equity benchmarks opened higher, following positive cues from Asian markets, and traded a range-bound session in the first half. The Nifty and Sensex extended gains in the second half and closed with decent gains. The Nifty and Bank Nifty hit an all-time high of 22775.70 and 49057.40 respectively on Wednesday.
FIIs and DIIs were net buyers in the equity cash segments on Wednesday. FIIs bought shares worth Rs 2778.17 crore, while DIIs acquired shares worth Rs 163.36 crore. Indian markets were closed on Thursday on account of eid-ul-fitr.
Stock Market Today
The cues from global markets are mixed today. Gift Nifty after a sharp fall on Wednesday ended higher by 160 points on Thursday. The Gift Nifty index is trading lower by 31 points at 22683 level, on Friday at 7 am IST. The indication from the Gift Nifty is negative today. Indian stock market indexes are likely to open in the red but remain volatile ahead of India’s CPI and IIP data, which is due post-market today.
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