Trade Setup for Friday 24 March: Stock Market News

 

Trade setup for Friday 24 March 2023– 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, as investors try to assess the two different comments from US Treasury Secretary Janet Yellen in the last two days. Asian key stock market indexes Hang Seng and Shanghai are trading lower by 0.92 percent and 0.52 percent respectively.  Nikkei is trading lower by 0.48 percent, despite Japan’s core inflation decline for the first time in the last 14 months.

SGX Nifty is trading slightly lower by 35 points or 0.21 percent and at 17048 levels. The indication getting from the Asian market is negative. Indian stock markets are likely to open in red today.

 

U.S. and European stock market indexes update

 

The US stock market indexes closed higher after a volatile session on Thursday. The tech stocks gained while regional banks witnessed selling pressure as worries about the banking system persist. Treasury yields fell again on the hope that Fed is likely to pause the rate hike soon. On the economic front, the latest data showed that the weekly jobless claims continued to show strength in the labor market due to a lack of labor supply.

Social media stocks were in focus while energy stocks pressured the broader markets on Thursday. The key US stock market indexes, Dow Jones and S&P 500 gained 0.23 percent and 0.30 percent respectively while Nasdaq jumped 1.01 percent on Thursday.

European stock markets closed lower on Thursday, as investors digested the latest interest rate hike by the US Fed and Bank of England (BoE). The European markets pared some early losses after BoE announced its 25 bps rate hike as widely expected, while the Swiss National Bank raised 50 bps rate hikes on Thursday.

The pan- European Stoxx 600 closed lower by 0.20%. The banking stocks led the losses throughout the day, and construction and oil and gas stocks also ended lower, while tech stocks rallied and ended higher by 2.2%. The key European stock market indexes, FTSE and DAX closed lower by 0.90 percent and 0.04 percent respectively, while CAC was up by 0.11 percent on Thursday.

 

Indian stock market updates

 

Indian stock markets closed lower on Thursday amid negative cues from Wall Street overnight. The domestic indices fell sharply in the last hour on the back of selling Banking and financial counter and snapped a two-day winning streak. 

The market breadth was negative with the advance decline indicating a ratio of 2:3 at the close. Foreign investors were net sellers in the Equity cash segment, they offloaded shares worth Rs 995.01 crore while DIIs were net buyers, they bought Rs 1668.85 crore

 

News you should read before the trade setup for today 24 March

 

Barclays has raised India’s growth estimates for the next fiscal from 6% to 6.3%. In its report, the British bank said that global developments such as rising financial stability risks, peaking of rate tightening around the world, and collapse of commodity prices pointing well for the Indian economy. 

After having many shocks to its macro stability in 2022, India is on firmer ground in 2023; current account funding needs are falling, inflation is in a downtrend and fiscal demands are in check, according to Barclays.

 

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