Trade Setup for Monday: Stock Market Today (13 Nov 2023)
Trade Setup for Monday
Trade Setup for Monday, 13 Nov 2023: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock markets started the week on a positive note after a fall in last Friday’s session, as investors are looking ahead to the make-or-break talks between the US and China. U.S. President Joe Biden and China’s President Xi Jinping will meet this week for their first one-to-one meeting in about a year.
However, some cautiousness is also there, as the rating agency Moody’s Investor Services downgraded the rating outlook on the US government on Friday.
Japan’s Nikkei is trading higher by 0.46%, while Australia’s S&P ASX 200 index is slightly down by 0.10%. South Korea’s Kospi is trading marginally lower by 0.02%. The Shanghai index erased opening gains and trading slightly lower by 0.04%, while Hang Seng and Taiwan are trading higher by 0.63% and 1.12% at 7.15 a.m. IST.
U.S. Stock Market Indexes Updates
The US stock market indexes ended with big gains on Friday, as tech and growth stocks rallied after the fall in Treasury yields ahead of crucial economic data to be released during the week. Some Fed officials were less hawkish after Fed’Chair Powell’s speech also boosted the tech stocks on Friday.
Investors will be looking ahead to the inflation and retail sales data due later this week, for more for more cues on the Fed’s next move and economic growth. The key US stock market index, the Dow Jones Industrial Average (DJIA), and the S&P 500 index gained 1.16% and 1.56% respectively, while the Nasdaq index was up by 2.02% on Friday.
European Stock Market Indexes Updates
European stock market indexes closed lower on Friday, as the market sentiments dampened after Fed Chair Jerome Powell’s comments on the interest rate hike trajectory. On the economic front, the UK’s GDP was unchanged in the three months to September, expectation was a 0.1% contraction. For the month of September GDP rose 0.2% as against 0.1% growth in August.
The pan-European Stoxx 600 index fell 1% on Friday. Mostly all sectoral indices were closed in the red with the Food and Beverages index falling the most, the only sector that closed above the flat line was oil & gas.
The key European stock market indexes, CAC and DAX declined 0.97% and 0.78% respectively, while the UK’s FTSE was down 1.29% on the last trading day of the week.
Indian Stock Market Indexes
Indian stock markets ended with significant gains on the special one-hour Diwali Muhurat Tarding session on Sunday. The market sentiments were upbeat following positive global cues, falling crude oil prices, and reduced tension in the Middle East.
The Nifty index closed higher by 100.25 points or 0.52% at 19525.55 levels, while Sensex jumped 354.77 points or 0.55 percent and settled at 65259.45.
The market breadth was very strong, on the NSE, 1944 shares advanced while 428 shares declined. FIIs were the net sellers they sold shares worth Rs 190.06 crore while DIIs were the buyers and they bought shares worth Rs 95.32 crore on the Muhurat Trading Day.
Stock Market Today
Gift Nifty is trading higher by 13 points or 0.07% at 19554 level. The indications from the US and Asian markets are positive. The Indian stock market indexes are likely to open higher today but traders should remain cautious as US futures are trading in the red.
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