Trade Setup for Monday: Stock Market Today (1 April 2024)
Trade Setup for Monday, 1 April 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
Asian stock market indexes are trading higher on Monday, as investors assessed the latest economic data released in the region. China’s factory activity expanded in March as the official data showed that manufacturing PMI rose above 50. Meanwhile, Japan’s Tankan Survey showed that the business sentiment index of large manufacturers dropped in the first quarter while non-manufacturers rose.
Japan’s Nikkei erased most of its intraday gain and is trading, flat to the negative. South Korea’s Kospi index is trading higher by 0.48%. Australian and Hong Kong stock market indexes are closed for Easter Monday. China’s Shanghai is trading higher by 0.26%. The Straits Times and Taiwan are trading in the positive territory at 7 a.m. IST.
U.S. Stock Market Indexes Updates
The US stock market closed mixed on Thursday, while the S&P 500 index closed at another record high and finished the quarter on a strong note. The market sentiments were optimistic as the series of economic data released on the last trading session of the quarter including jobless claims, consumer confidence, pending home sales, and GDP numbers all came better than expected
Meanwhile, profit booking in tech stocks was witnessed on Wednesday evening as Fed governor Chris Waller said that the central bank was in “no rush” to cut interest rates due to sticky inflation and stronger-than-expected labor-market data. The latest PCE price index data for February released on Friday aligned with the Fed’s expectation. However, Fed Chairman Jerome Powell said the Fed wants to see more good inflation readings before it starts cutting interest rates.
The US stock market indexes, the Dow Jones Industrial Average (DJIA) and the S&P 500 index closed higher by 0.12% and 0.11% respectively, while the Nasdaq compo closed slightly lower by 0.12% on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed slightly higher on Thursday, as investors remained cautious and preferred to stay sidelined ahead of the Easter holiday. On the economic front, the UK GDP data contracted by 0.3% in the final quarter of 2023 and entered technical recision last year. The unemployment rate in Germany rose less than expected in February, while Retail Sales data dropped more than expected in March.
European stock markets closed more than 6% higher in the first quarter 2024. The pan-European Stoxx 600 index after hitting a fresh record high closed up by 0.23%. European stock market indexes were closed for Good Friday and will remain shut on Monday on account of Easter.
The key European stock market indexes, CAC and DAX closed slightly higher by 0.01% and 0.08% respectively, while the UK’s FTSE was up by 0.26% on Thursday.
Indian stock markets
On Thursday, Indian stock markets ended with significant gains, rising for the second straight session. The Sensex and Nifty opened slightly higher amid unfavorable Asian market cues. The equity benchmarks extended their early gains as the session progressed and trimmed some of their intraday gains in the late trade due to profit-taking at a higher level.
The market breadth was quite positive with the advance decline indicating a ratio of 3:2 at the close. FII and DII both were positive, FII bought shares worth Rs 188.31 crore while DIIs acquired shares worth Rs 2691.52 crore on Thursday.
Stock Market Today
The Asian market cues are positive today. Gift Nifty is trading higher by 15 points at 22539 levels. Indications from global markets and Gift Nifty are positive today. Indian stock markets will open higher today. Traders should remain cautious at the higher levels as manufacturing PMI data and Auto sales numbers will be released during the market hours.
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