Trade Setup for Friday 21 July: Stock Market Today
Trade setup for Friday 21 July 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian Stock Markets
Asian stock markets are trading in the red on Friday, following the sell-off in tech stocks on Wall Street overnight. Nikkei is trading lower by 0.25 percent, as Japan’s June inflation came slightly higher, in line with the expectations. Kospi is trading lower by 0.28 percent, South Korea’s producer prices fell for the first time since November 2020. Hang Seng and Shanghai are trading slightly lower by 0.10 percent and 0.22 percent respectively at 7.15 am IST.
Gift Nifty is trading slightly higher by 6 points or 0.04 percent at 19864 levels. The indication getting from the Asian markets is negative today. Indian stock market indexes are likely to start negative today, markets may see an intraday correction today.
U.S. Stock Market Indexes update
The US stock markets closed mixed on Thursday due to the sell-off in tech stocks after investors analyzed Tesla and Netflix’s quarterly earnings. Dow Jones gained for nine consecutive days, its longest winning streak since 2017, as Johnson and Johnson and IBM rallied after the quarterly results.
The latest economic data showed that the weekly jobless claims ending for the week on 15 July fell 9000 to 228000, the expectation was 244000. The existing home sales data fell 3.3 percent from the previous month and came below expectations.
The key US stock market index, Dow Jones gained 0.47 percent while S&P 500 was down by 0.68 percent on Thursday. The tech-heavy Nasdaq extended its early losses and closed lower by 2.05 percent as a sharp selling was witnessed in Tesla and Netflix shares.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday, as investors assessed some big corporate earnings from the US and the beginning of the quarterly earnings season from the region. Tech stocks fell more than 2.5% after investors analyzed Tesla and Netflix’s quarterly earnings, while mining stocks added some gains in European markets.
German healthcare company Fresenius Medical Care gained around 7% while London-based Hikma Pharmaceuticals also jumped over 7 percent on the news. Swedish company Electrolux slipped 20 percent after the company missed the second quarter earning estimations.
European stock market indexes, CAC and DAX gained 0.78 percent and 0.59 percent respectively, while UK’s FTSE closed higher by 0.76 percent on Thursday.
Indian Stock Market Indexes
Indian stock markets closed at a record high on Thursday amid volatility, rising for the sixth consecutive day. The domestic markets were volatile due to the expiry of the weekly index options on the NSE. Barring IT all sectoral indices closed higher.
The market breadth was almost flat with the advance decline indicating a neutral ratio at the close. FIIs were the net buyers, they bought shares worth Rs 3370.90 crore while DIIs were the net sellers and they offloaded shares worth Rs 193.02 crore on Thursday.
Quarterly Earnings (Q1FY24)
Reliance Industries, HDFC Life, JSW Steel, Ultratech Cement, Vedanta, One 97 Communication, Aarti Drugs, Ashok Leyland, CMS Info System, DLF, Credit Access Grameen, Hindustan Zine, and others will announce their Q1FY24 quarterly earnings on 21 July.
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