Trade Setup for Friday 14 Oct: Stock Market News
Trade setup for Friday 14 Oct– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are trading higher on Friday, tracking positive cues from Wall Street overnight. Nikkei, Hang Seng, and Shanghai are trading higher by 3.21 percent, 2.51 percent, and 1.05 percent respectively at 7.15 am IST. The SGX Nifty is trading higher by 255 points or 1.51 percent at 17212 levels.
The global cues are positive, the Indian stock markets are likely to open a gap-up today. Nifty may open above 17200 levels.
The US and European market indexes update
The US stock market indexes closed sharply higher after a major turnaround on Thursday. Markets initially reacted negatively after the release of hotter-than-expected inflation data. Later erased all losses and closed well above the neutral lines.
The US benchmark indices, Dow Jones and S&P 500 gained 2.83 percent and 2.60 percent respectively while Nasdaq was up by 2.23 percent on Thursday.
European stock market indexes gained on Thursday after a volatile trading session, snapping a 6-Day losing streak. Markets rebounded after touching a two-year low in the earlier session after hot U.S. inflation data prompted bets of aggressive interest rate hikes from the Federal Reserve.
The pan-European Stoxx 600 index gained 0.91% on Thursday. The Key European indexes CAC and DAX closed higher by 1.04 percent and 1.51 percent respectively while FTSE was up by 0.35 percent on Thursday.
Indian stock market updates
Indian stock markets closed lower on Thursday amid volatility. The market sentiments were downbeat due to cautiousness ahead of the US inflation data. The benchmark indices, Sensex and Nifty closed lower by 0.68 percent and 0.64 percent respectively. The market breadth was quite weak with the advance-decline indicating a ratio of 2:3 at the close. FIIs were the net sellers, they sold Rs 1636.43 crore worth of shares while DIIs bought Rs 753.29 crore on Thursday.
Q2FY23 Results Today
Shree Cement, Bajaj Auto, Tata Elxsi, Federal Bank, Oberoi Realty, Just Dial, GI Engineering Solutions, Infomedia Press, and Plastiblends India will announce their quarterly earnings today
News you should read before the trade setup for today 14 Oct
On Thursday the IMF Managing Director Kristalina Georgieva said that India is a bright spot as the country was a fast-growing economy even during these difficult times. On Wednesday, IMF chief economist Pierre-Olivier Gourinchas called India “a bright light” as its growth is still fairly robust.
According to Crisil, the National Highways Authority of India (NHAI) could award only 777 km of road projects during the first half of the current fiscal year. This is three years low and also a 60% drop as compared to the last year.
The overall US CPI-based inflation increased by 8.2% in September from the same period last year, down from 8.3% in August. That was also lower than annual increases of 8.5% in July and 9.1% in June, which was the highest inflation rate in four decades.
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