Trade Setup for Monday 10 April: Stock Market News
Trade setup for Monday 10 April 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock markets are mostly trading higher on Monday, as some investors returned from a long weekend and following positive cues from the US stock markets. Hang Seng will remain closed on Monday due to Easter Holiday. Nikkei is trading higher by 0.35 percent while Shanghai eased early gains and now trading lower by 0.19 percent at 7.10 am IST. SGX Nifty is trading slightly lower by 21 points or 0.12 percent at 17695 levels.
The indication getting from the Asian stock markets is positive. The Indian stock markets are likely to open in green and trade positively today.
U.S Stock Market Indexes
The US stock market indexes erased early losses and closed higher on Thursday after the latest jobless claims data suggested that layoffs have recently increased more than previously thought. Investors were cautious ahead of the monthly job data, that was released on Friday. The US stock markets remained closed on 7 April because of Good Friday.
On Friday, the U.S. monthly jobs report showed that hiring slows more than expected in March, and the unemployment rate fell to 3.5% from 3.6% in the previous month. On the wage front, March data came almost in line with economists’ expectations.
The US futures indexes closed slightly higher after the jobs report was released during the holiday short session on Friday. The key US stock market indexes Dow Jones and S&P 500 gained 0.01 percent and 0.36 percent respectively while Nasdaq was up by 0.76 percent.
European Stock Market Indexes
European stock markets closed higher on Thursday ahead of a long Easter Weekend, markets will now reopen on 11 April Tuesday. The market sentiments were positive due to better-than-expected Industrial production data from Germany. The sentiment was boosted after China’s services activity surges on new orders.
However, investors remain concerned, as European Central Bank (ECB) officials indicated another rate hike in May, due to rising food prices in the region. Key European stock market indexes, CAC and DAX gained 0.12 percent and 0.50 percent while FTSE was up 1.02 percent on Thursday.
Indian Stock Market Updates
Indian stock market indexes ended higher for the fifth consecutive session on Thursday after RBI kept the key interest rates unchanged. The domestic markets were closed on 7 April on account of Good Friday.
The market breadth was once again strong with an advance-decline indicating a 3:1 ratio at the close. FIIs were the net buyers, they bought Rs 475.81 crore while DIIs offloaded Rs 997.08 crore on the last trading session of the week.
News you should read before the trade setup for today 10 April
On Friday, the Reserve Bank of India (RBI) data showed that India’s foreign exchange reserve dropped by $329 million to $578.449 billion for the week ended 31 March, due to a decline in the gold reserves.
The foreign reserves had risen in the previous two weeks and rose by $5.977 to $578.778 for the week ended 24 March. The overall reserves have slipped by $28.86 in FY23.
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