Trade Setup for Friday 16 Sept: Stock Market News
Trade setup for Friday 16 Sept– 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 lower on Friday taking negative cues from Wall Street overnight. Nikkei and Hang Seng are trading lower by 1.21 percent and 1.29 percent respectively while Shanghai is trading 0.60 percent down at 7.20 am IST. SGX Nifty is trading lower by 95 points or 0.53 percent at 17783 levels.
The indication getting from the Asian stock market peers is negative. The Indian stock markets are likely to open in the red, Nifty may open below 17800 levels today.
The US and European market indexes update
The US stock market indexes fell sharply on Thursday, extending their losses in the last hour as the better-than-expected economic data prompted the likelihood of another 75 bps rate hike from the Fed in the September 21 meeting. The Energy and Technology stocks were the biggest loser due to falling crude oil prices and fear of global recession.
The key US stock market indexes, Dow Jones and S&P 500 were down by 0.56 percent and 1.13 percent respectively while Nasdaq fell 1.43 percent on Thursday.
European stock markets were trading choppy on Thursday while banking stocks maintained substantial gains. Banking stocks added 1.71% after Morgan Stanley analyst note upgrading the banking sector. The eurozone bank index hit its highest level since June 10.
The pan-European Stoxx 600 was down 0.59%. The key European stock market indexes CAC and DAX fell 1.04 percent and 0.55 percent respectively while FTSE managed to close with small gains of 0.07 percent on Thursday.
Indian stock market updates
Indian stock market indexes closed lower on Thursday amid volatility. The market sentiments got hit after Fitched Ratings slashed India’s GDP growth forecast for FY23. The benchmark indices, Sensex and Nifty fell 0.68 percent and 0.70 percent respectively on Thursday. The market breadth was almost flat with the Advance-Decline indicating a neutral ratio. FIIs and DIIs both were net sellers in the equity cash segment, FIIs sold Rs 1270.68 crore worth of shares while DIIs sold Rs 928.86 crores on Thursday.
News you should read before the trade setup for today 16 Sept
On Thursday, the Indian staffing Federation (ISF) said 66000 new jobseekers were added to India’s formal workforce, a growth of 6.6 percent in the Q1 of FY23, taking the total workforce employed through them to 1.29 million while the year-on-year addition was 28% higher with 2.33 lakh new formal contract workforce added in July 2021-June 2022.
Asian Central banks may raise rates more than anticipated earlier but may follow a slower pace than their developed world peers. According to Nomura’s global market research, India’s central bank is likely to raise the repo rate by 50 bps in September policy against its earlier prediction of 35 bps.
The US application to claim unemployment benefits declined last month, the initial jobless claims fell to a seasonally adjusted 213000 last week from a revised 218000 the previous week according to the labor department. As per the latest report released on Thursday, US retail sales rose 0.3% in August, as shoppers spent on groceries, vehicles, and clothing after gasoline prices eased.
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