Trade Setup for Friday 21 Oct: Stock Market News
Trade setup for Friday 21 Oct– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock markets are trading mixed on Friday amid negative cues from Wall Street overnight. Nikkei is trading lower by 0.21 percent whereas Hang Seng and Shanghai are trading higher by 0.09 percent and 0.45 percent respectively. SGX Nifty is trading lower by 31 points or 0.18 percent at 17488 levels at 7.20 am IST
The indications getting from the Asian markets are mixed at this moment. The Indian stock market indexes are likely to open on a cautious note, Nifty may open flat today
The US and European market indexes update
The US stock markets closed lower on Thursday as the data on the labor market and comments from Fed officials strengthen the expectations that the central bank will be aggressive in its November meeting. Tesla’s shares slipped after its missed analyst’s sales estimate and cut its vehicle-delivery target. The sentiment was also subdued as the US home sales dropped for the eighth straight month.
The US key indexes, Dow Jones and S&P 500 fell 0.30 percent and 0.80 percent respectively while Nasdaq was down by 0.61 percent on Thursday.
European stock market indexes closed higher on Thursday after UK prime minister Liz Truss resigned. The announcement comes amid mounting pressure to quit. She had launched an economic policy that triggered a bond market rout.
The pan-Europe Stoxx 600 closed higher by 0.3 percent after volatility. The key European stock market indexes FTSE and DAX were up by 0.27 percent and 0.20 percent respectively while CAC gained 0.76 percent on Thursday.
Indian stock market updates
Indian stock market indexes erased all intraday losses and closed higher for the fifth straight session on Thursday. The benchmark indices, Sensex and Nifty gained 0.16 percent and 0.30 percent respectively. The market breadth was flat with the advance-decline indicating a neutral ratio at the close. FIIs were the buyers, they bought Rs 1864.79 crore worth of shares in the Indian equity markets and DIIs sold Rs 886.80 crore worth of shares on Thursday.
FY23 Second Quarterly Results Today
Reliance Industries, Hindustan Unilever, Bajaj Finserv, HDFC Life Insurance Company, JSW Steel, SBI Life Insurance Company, Ambuja Cements, Hindustan Zinc, Amber Enterprises India, CSB Bank, DLF, Finolex Industries, IDBI Bank, IRB Infrastructure Developers, and United Spirits, etc will announce their 2nd quarterly earnings today
News you should read before the trade setup for today 21 Oct
According to the climate transparency report 2022 compiled by an international partnership of organizations, India suffered an income loss of $159 billion, 5.4% of its GDP. The loss is a combination of all sectors including the service, manufacturing, agriculture, and construction sectors due to extreme heat in 2021.
Heat exposure in the country led to the loss of 167 billion potential labor hours, a 39% increase from 1990-1999 according to the report. Read the complete report in economic time here
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