Trade Setup for Friday 19 May: Stock Market Today

 

Trade setup for Friday 19 May 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today.

Asian stock markets are mostly trading higher on Thursday following the gains from Wall Street overnight. Japan is trading higher by 0.78 percent as the G-7 meeting is underway. The latest data showed that Japan’s core inflation rose by 3.4 percent in April, in line with expectations.

Hang Seng is trading lower by 1.61 percent as the Tech index is down 2 percent after Alibaba plunged due to weak quarterly earnings. Shanghai index is also trading lower by 0.78 percent, as blue chip stocks drag, while Kospi is trading higher by 0.58 percent at 7.20 am IST

SGX Nifty is trading marginally higher by 18 points or 0.10 percent at 18196 levels. The indication getting from the SGX Nifty is slightly positive. The Indian stock market indexes are likely to open flat to positive and trade sideways today.

 

U.S. Stock Market Indexes update

 

The US stock market indexes advanced on Thursday amid optimism about the progress of the debt ceiling negotiation deal. On the economic front, the fresh data showed that the new jobless claims fell 22000 of 242,000 lower than expectations and lower than the prior week. Existing home sales fell 3.4% in April from the previous month, well more than expected.

On the earning front, the biggest retail Walmart shares rose after the company reported robust sales in the first quarter and raised its full-year forecast. The key US stock market indexes, Dow Jones and S&P 500 gained 0.34 percent and 0.94 percent respectively while Nasdaq ended higher by 1.51 percent on Thursday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Thursday, as US debt ceiling talks made progress and possible to get a deal soon. Most of the sectoral indices closed in the green. The pan-European Stoxx 600 index closed higher by 0.43 percent with auto and tech stocks gaining the most.

The UK’s FTSE trimmed early gains and closed marginally higher by 0.25 percent, as shares of British Telecom plunged 5% after the news of job cuts. British luxury retailer Burberry also fell 5% after it beat sales estimates but reported weak demand in the U.S. and among younger shoppers.

Germany’s DAX closed 1.37 percent higher, as Commerzbank and Volkswagen gained to their highest level since January 2022. France’s CAC ended higher by 0.64 percent, due to the gains in the Industrials, Basic Materials, and Oil & Gas sectors.

 

Indian stock market updates

 

Indian stock markets closed slightly lower on Thursday for the third consecutive session. The markets were volatile due to the expiry of the weekly options index on the NSE. The domestic markets underperformed the Asian market peers today.

The market breadth was negative with the advance-decline ratio indicating a ratio of 3:2 at the close. FIIs were the net buyers and DIIs were the net sellers in the equity cash segment on Thursday. FIIs bought Rs 970.18 crore while DIIs offloaded Rs 849.96 crore worth of shares.

 

Q4 Results Today

 

NTPC, Power Grid Corporation of India, Punjab National Bank, JSW Steel, Zomato, Abbott India, EPL, GATI, Glenmark Pharmaceuticals, Godrej Industries, IRB Infrastructure Developers, JK Lakshmi Cement, Minda Corporation, Alkem Laboratories, Bandhan Bank, Cochin Shipyard, Crompton Greaves Consumer Electricals, Dilip Buildcon, Delhivery, Elgi Equipments, Muthoot Finance, Narayana Hrudayalaya, NLC India, Sun TV Network, VA Tech Wabag, and Welspun Enterprises will announce their quarterly earnings on 19 May 2023

 

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News you should read before the trade setup for today 19 May

 

On Thursday, the S&P Global Ratings retained India’s sovereign credit rating and said the Indian economy is performing well amid challenging global conditions and sound fundamentals will underpin its growth over the next two to three years.

S&P affirmed its ‘BBB-‘ long-term and ‘A-3’ short-term, unsolicited foreign and local currency sovereign credit ratings while retaining the outlook on the long-term rating at stable.

 

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Happy Investing!!

Editor’s Desk