Trade Setup for Monday: Stock Market Today (12 February 2024)
Trade Setup for Monday, 12 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
Asian stock market indexes are trading mixed on Monday. The major Asian stock market indexes including Hang Seng, Taiwan, Straits Times, and Kospi are shut on Monday, while China’s Shanghai index will remain closed for the week, on account of the Lunar New Year holiday.
Japan’s Nikkei is trading marginally higher by 0.18%, while Australia’s S&P ASX 200 index is trading slightly lower by 0.19%.
U.S. Stock Market Indexes Updates
The US markets closed mixed on Friday, the Dow ended slightly lower by 0.14%, while the S&P 500 and Nasdaq gained 0.57% and 1.25% respectively. The S&P 500 index closed above the 5000-mark milestone for the first time. The US markets got support from a rally in big tech stocks including Microsoft, Google, and Apple due to a boom in AI optimism.
Meanwhile, the revised data on U.S. consumer price index (CPI) inflation showed that the annual rate of inflation in the December end quarter was unchanged at 3.3%, suggesting that the ease of price pressures throughout last year is still intact.
European Stock Market Indexes Updates
European stock markets ended in the red on Friday, as investors assessed the latest corporate earnings and fresh economic data released in the region. The pan-European Stoxx 600 index closed edged lower by 0.09%, with food and beverage stocks falling the most, while tech stocks were in demand.
Sweco and LO’real share prices tumbled on Friday, as they missed the fourth quarter earnings expectations. Meanwhile, Hermes and Ubisoft shares gained after the quarterly earnings impressed the markets.
Germany’s DAX closed slightly lower by 0.22%, despite the country’s inflation decline in January. France’s CAC was down by 0.24%, while the UK’s FTSE was closed lower by 0.30%
Indian stock markets
On Friday, Indian stock market indexes closed marginally higher. The domestic equity benchmarks opened cautiously and traded volatile throughout the day. Sensex and Nifty swung between gains and losses for most of the session. Investors bet on recently beaten-down banking and financial stocks, which uplifted the market sentiments on the last trading session of the week.
The market breadth turned negative, with the advance decline indicating a 3:5 ratio at the close. FIIs were the net buyers, they bought shares worth Rs 141.95 crore, while DII were the net sellers and offloaded shares worth Rs 421.87 crore on Friday.
Quarterly Earnings for Today
Coal India, Bharat Forge, Allcargo Logistics, Anupam Rasayan India, BLS E-Services, HEG, Krsnaa Diagnostics, Mazagon Dock Shipbuilders, Cera Sanitaryware, Dilip Buildcon, GSK Pharmaceuticals, Hindustan Aeronautics, Samvardhana Motherson International, NHPC, Steel Authority of India, Skipper along with 400 plus other corporate will be releasing their quarterly earnings on 12 February.
Stock Market Today
The global market cues are mixed on Monday. Gift Nifty is trading higher by 19 points at 21943 levels. The Gift Nifty index is indicating a positive opening for the Indian stock markets today. Indices are expected to trade positively ahead of the retail Inflation and IIP data, which are due after markets.
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