Trade Setup for Friday, Sept 15, 2023: Stock Market Today
Trade Setup for Friday
Trade setup for Friday, Sept 15, 2023– Good morning, and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian Stock Markets
Asian stock market indexes are trading higher on Friday following the gains from Wall Street overnight. Investors are waiting for the key economic data from China, which will give clues more about the country’s economic development.
Japan’s Nikkei is trading higher by 0.82 percent, as its investment holding company Softbank shares surged 3 percent after its subsidiary “Arm shares” gained nearly 25 percent in its debut on the Nasdaq. Australia’s S&P/ASX 200 is trading sharply higher by 1.54 percent while South Korea’s Kospi is trading higher by 0.79 percent.
Shanghai and Hang Seng are trading flat to the positive. China will release its house price, retail sales, and unemployment rate data for August, later in the day. Straits Times is trading higher by 0.77 percent, while Taiwan is trading flat at 7.10 am IST.
Gift Nifty is trading higher by 8 points or 0.04 percent at 20226 levels. The indication from the Asian markets is positive. Indian stock market indexes will open higher today and trade positively.
U.S. Stock Market Indexes Update
The US stock markets ended higher on Thursday, the Dow gained more than 300 points, as investors shrugged off the hotter-than-expected inflation readings. The market sentiments were upbeat, as the retail sales data came stronger than expected in August, pointing to a resilient economy.
The US markets rallied, as the session progressed. Arm shares jumped nearly 25% after the British chipmaker shares debuted on the public markets on Thursday. The weekly jobless claim data showed that Americans seeking unemployment benefits rose by 3000 to 220,000 last week, while the expectation was 4000.
The US equity benchmarks extended their early gains and closed strong on Thursday. Dow Jones and S&P 500 gained 0.96 percent and 0.84 percent respectively while the tech-heavy Nasdaq ended higher by 0.81 percent.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday, as investors assessed the European Central Bank’s decision to hike interest rates by 25 bps. The market sentiments also improved after China’s Central Bank announced to cut the reserve requirement ratio of most banks by 25 bps from September 15.
Energy stocks gained, as oil prices rallied on Thursday. The basic resources stocks rallied sharply due to optimism over China’s reserve requirement cut. The pan-European Stoxx 600 index advanced 1.52 percent. The key European stock market indexes, CAC and DAX gained 1.18 percent and 0.96 percent respectively, while the UK’s FTSE jumped 1.92 percent on Thursday.
Indian Stock Market Indexes
Indian stock market indexes ended marginally higher on Thursday. The domestic markets opened higher but could not sustain at the higher levels due to profit booking. Equity benchmarks traded sideways in most of the session on Thursday. The Wholesale Price Index (WPI) reading came negative at (-0.52) for the fifth month in a row.
The market breadth was equity strong with the advance-decline indicating a ratio of 2:1 at the close. Foreign investors were net buyers, they bought shares worth Rs 294.69 crore while domestic institutional investors were net sellers, they sold Rs 50.80 crore on Thursday.
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