Trade setup for Monday 14 March 2022- Morning report
Trade setup for Monday 14 March 2022- Top news ahead of the market opening bell
Trade setup for Monday- Good morning and welcome to the morning reports, the top things to know before the market opens today March 14, 2022
Asian markets are trading mostly in the red on Monday following negative cues from the US markets on Friday. Nikkei is trading higher by 0.97 percent while Hang Seng and Shanghai are trading lower by 2.19 percent and 0.91 percent respectively. SGX Nifty is also trading lower by 54 points or 0.33 percent at 16595 levels. The indication from the other Asain market indexes is negative, Indian stock markets are likely to start in the red today in a cautious mode.
The US and European market Indexes update
The US stock markets turned negative in the last hour on Friday due to heavy selling in the technology shares. The market sentiment was downbeat as the crude oil prices rebounded on Friday. The US market indexes Dow Jones and S&P 500 fell 0.69 percent and 1.30 percent respectively while tech-heavy Nasdaq fell sharply by 2.18 percent on Friday.
European markets closed higher on Friday in the hopes of positive developments during the talks with Ukraine in Turkey. Traders were optimistic as the UK’s economy grew by 0.8 percent in January after contracting 0.2 percent in December. European market indexes, FTSE and CAC were up by 0.80 percent and 0.85 percent respectively while DAX gained 1.38 percent on Friday.
Indian stock market updates
Indian stock market indexes erased early losses and managed to close marginally higher on Friday. The benchmark indices Sensex and Nifty gained 0.15 percent and 0.21 percent on Friday. FIIs were the sellers and DIIs were the buyers in the cash segment. FIIs sold Rs 2263.90 crore and DIIs bought Rs 1686.85 crore in the cash segment.
Top news and updates you should know before the trade setup for Monday, March 14, 2022
Due to higher crude oil and other commodity prices worldwide, Morgan Stanley has cut India’s GDP forecast for FY23 by 50 bps to 7.9 percent. It has also raised retail inflation projection to 6 percent and expects the current account deficit to widen to 3 percent of GDP.
Ashima Goyal, an economist and a member of the RBI Monetary Policy Committee (MPC) said that “India’s economic recovery from Covid-19 is progressing well, with better than generally expected growth rate. Goyal has also said that the growth will continue but persistently high oil prices can play spoilsport.
As per the RBI data, the country’s foreign exchange reserve increased by $394 million to $631.92 billion in the week ended March 4. The reserve had declined in the previous week by $1.425 billion to $631.527 billion.
According to the data released on Friday after the market hours, India’s industrial growth in the month of January grew 1.3% on a YoY basis after hitting 10 month low in December. The IIP data recorded for the month of December was 0.7 percent.
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