Trade Setup for Friday: Stock Market Today (9 February 2024)

 

Trade Setup for Friday, 9 Feb 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Market Indexes

 

The major Asian stock market indexes are either partially or fully closed on Friday on the occasion of the Lunar New Year holiday in the region. Stock markets of China, Taiwan, and South Korea will be shut today, while Singapore and Hong Kong will be trading half day. 

Japan’s Nikkei 225 hit fresh records, breached the 37000 mark for the first time in 34 years, and is trading higher by 0.55%. Australia’s S&P ASX 200 index erased early losses and is trading marginally higher by 0.17%. Hang Seng is trading lower by 1.88%, while Straits Times is down by 0.59% at 7.20 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed higher on Thursday. The S&P 500 ended a record high for the second consecutive session and hit a 5000-mark milestone on an intraday basis just ahead of closing, as earnings drove the markets. 

Investors’ morale has improved after shares of Walt Disney jumped 11.49%, the media and entertainment company reported better-than-expected fiscal Q1 results, hiked its quarterly dividend by 50%, and announced a $3B share buyback plan this year. Meanwhile, Arm Holdings ADR surged 48% after the chip designer’s current quarter outlook beat market estimates after fiscal Q3 results reported better than estimates.

On the economic front, the number of Americans filing for unemployment benefits during the week ended Feb 3 was reduced by 9000 to 218000, indicating the labor market remains strong.

The key US stock market indexes, Dow Jones and S&P 500 index closed higher by 0.13% and 0.06% respectively, while the tech-heavy Nasdaq gained 0.24% on Thursday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed mixed on Thursday, as investors digested several corporate earnings. The shares of the shipping giant Maersk slumped 11.75%, trimming some early losses as the company suspended share buyback due to the impact of the Red Sea disruption.

Meanwhile, the share of Adyen gained 20.68% as earnings beat expectations supported by higher sales and stricter cost control. The pan-European Stoxx 600 index closed lower by 0.09%, with household goods stocks gaining the most followed by autos, while healthcare stocks declined.

The key European stock market indexes, CAC and DAX closed higher by 0.71% and 0.25% respectively, while the UK’s FTSE was down by 0.44% on Thursday.

 

Indian Stock Markets

 

Indian stock market indexes ended with significant losses on Thursday amid volatility. The domestic markets opened higher following positive global cues ahead of the RBI policy outcome. However, the markets fell sharply after the policy outcome and RBI governor Satkikanta Das’s commentary. All rate-sensitive stocks particularly in banking and financial counters fell sharply and closed near the day’s low.

The market breadth was almost flat with the advance-decline indicating a neutral ratio at the close. FIIs were the net sellers, they offloaded shares worth Rs 4933.78 crore while DIIs were the net buyers, they bought shares worth Rs 5512.32 crore.

 

Quarterly Earnings for Today

 

Hero MotoCorp, Tata Power Company, Honasa Consumer, Zydus Lifesciences, Alkem Laboratories, Bandhan Bank, Indian Railway Finance Corporation, MRF, The New India Assurance Company, Pfizer, Campus Activewear, Cello World, DOMS Industries, Emami, Finolex Cables, PI Industries, Shree Renuka Sugars and Sundaram-Clayton will release December quarter earnings on February 9.

 

Stock Market Today

 

The global cues are mostly positive today. Gift Nifty is trading marginally lower by 24 points at 21760 level. As per the indication from the global markets and Gift Nifty, Indian stock market indexes are likely to open slightly higher today and remain volatile.

 

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Editor’s Desk