Trade Setup for Friday 28 April: Stock Market Today
Trade setup for Friday 28 April 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 higher on Friday tracking solid gains from Wall Street overnight, powered by earnings from big tech companies. Investors are closely watching the Bank of Japan’s monetary policy outcome today. The key Asian stock market indexes, Nikkei, Hang Seng, and Shanghai are trading higher by 0.51 percent, 1.44 percent, and 0.36 percent respectively.
SGX Nifty is trading higher by 56 points or 0.31 percent at 18049 levels. The indication from Asian and other global markets is positive, Indian stock market indexes are likely to open a gap-up and trade in the positive zone today .
U.S. Stock Market Indexes update
The US stock market indexes rallied on Thursday after strong quarterly earnings reported by Facebook parent Meta Platforms. The share price of Meta Platforms rallied more than 13 percent on Thursday, after the upbeat quarterly results. The rally in tech stocks overshadowed concerns over slowing U.S. economic growth. The morning data showed that the US. GDP growth slowed more than expected in the first quarter.
The tech-heavy Nasdaq led the gains after a rally in tech stock, up by 2.43 percent while Dow Jones and S&P 500 gained 1.57 percent and 1.96 percent respectively.
European Stock Market Indexes Updates
European stock market indexes closed mostly higher on Thursday, as strong corporate earnings offset the concern about the US banking system’s health. The banking sector in Europe gained 1.1 percent after Deutsche Bank and Barclays profits beat expectations. Media stocks led the losses while Industrial stocks gained on Thursday.
The pan-European Stoxx 600 index ended higher by 0.2 percent. The major European stock market indexes, CAC and DAX gained 0.23 percent and 0.03 percent while FTSE was down by 0.27 percent on Thursday.
Indian stock market updates
Indian stock markets indeed with decent gains and closed on a strong note on Thursday. The domestic markets gained with the support of institutional buying despite weak global cues. The market breadth was once again strong with the advance decline indicating a ratio of 2:1 at the close.
Both Foreign institutional investors (FIIs) and Domestic Institutional Investors (DIIs) were the buyers in the equity cash segment. FIIs bought Rs 1652.95 crore while DIIs invested Rs 97.07 crore worth of shares on Thursday.
Q4 Results Today
UltraTech Cement, SBI Cards and Payment Services, CSB Bank, L&T Finance Holdings, Mahindra & Mahindra Financial Services, Ramkrishna Forgings, Star Health Vedant Fashions, Atul, CarTrade Tech, eMudhra, Himadri Speciality Chemical, and Allied Insurance Company, and Tata Metaliks will announce their Q4 results on 28 April, Friday.
News you should read before the trade setup for today 28 April
According to the Centre for Monitoring Indian Economy, the country’s Index of consumer sentiment is expected to grow by 2-3 percent in April. This is as compared to the 1.2 percent growth registered in March but quite low as compared to a growth of 4-5 percent registered in January and February. CMIE said this while suggesting the need for employment-generating investments to push up sentiments.
The U.S. GDP growth slowed by more than expected in the first quarter of 2023, according to initial data showed by the Commerce Department on Thursday. The real GDP growth in the U.S. increased at an annual rate of 1.1% during the January to March period, slowing from 2.6% in the December end quarter of 2022. Economists had predicted that the GDP reading would come in at 2.0%.
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