Trade Setup for Friday 29 July 2022: Stock Market News
Trade setup for Friday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 29, 2022
Asian markets are mostly trading higher on Friday following the positive cues from Wall Street overnight. Nikkei is trading higher by 0.34 percent while Hang Seng and Shanghai are trading lower by 0.54 percent and 0.12 percent respectively. The SGX Nifty is trading higher by 192 points or 1.13 percent at 17139 levels at 7.15 am IST.
The global cues are positive, the Indian stock markets are likely to open a gap-up today. Nifty may open above 17100 levels.
The US and European market indexes update
The US stock market indexes gained for the second consecutive day on Thursday. All key indexes ended up more than 1 percent despite the fresh data showing GDP has shrunk for the second quarter. The contraction in the economy actually fueled investors the possibility that the Federal Reserve may not need to be aggressive with interest rate hikes in the next meeting.
The US market indexes, Dow Jones and S&P 500 gained 1.03 percent and 1.21 percent respectively while Nasdaq was up by 1.08 percent on Thursday.
European stock market index STOXX 600 closed higher, near a seven-week high on Thursday, boosted by a slew of upbeat quarterly earnings including Moncler and Ipsen. The weak economic data in the US eased worries among investors about the future pace of the Fed’s interest rate hikes.
European stock market key indexes, CAC and DAX gained 1.30 percent and 0.88 percent respectively while FTSE closed slightly lower by 0.04 percent on Thursday.
Indian stock market updates
Indian stock markets closed on a strong note on Thursday amid positive global cues. The market sentiments were positive, as investors cheered the less hawkish stance by the US Fed on Wednesday. The benchmark indices, Sensex and Nifty gained 1.87 percent and 1.73 percent respectively on Thursday. FIIs and DIIs both were net buyers today, FIIs bought Rs 1637.69 crore while DIIs bought Rs 600.29 crore in the equity cash segment on Thursday.
Today’s Q1 Earnings
HDFC, NTPC, Sun Pharma, Cipla, Indian Oil Corporation, Ashok Leyland, DLF, Deepak Fertilisers, Easy Trip Planners, 3i Infotech, Great Eastern Shipping, GMR Infrastructure, Godrej Agrovet, Emami, Exide Industries, Nazara Technologies, Piramal Enterprises, CARE Ratings, CarTrade Tech, Cholamandalam Investment, CreditAccess Grameen, Heritage Foods, JK Paper, Mahindra Logistics, Metro Brands, Rain Industries, Route Mobile, Strides Pharma Science, etc will announce their quarterly result today.
News you should read before the trade setup for Friday 29 July 2022.
The fresh data released in the US showed that the economy shrank 0.9% annualized rate, for the second quarter in a row, followed by a 1.6% pace of contraction in the first quarter. The consecutive quarters of falling GDP constitute one informal though not definitive, an indicator of a recession.
The Union Minister of State for Commerce and Industry Anupriya Patel informed Lok Sabha on Thursday that the country’s imports from China increased by nearly 29% in the past five years. This is compared to 2017-18 and 2021-22, the annual imports from China rose from $89714.23 million to $115419.96 million.
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