Trade Setup for Monday: Stock Market Today (15 Jan 2024)
Trade Setup for Monday, 15 Jan 2024: 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 market indexes are trading mixed on Monday as investors are looking ahead to the China GDP and Japanese inflation data later this week. Japan’s Nikkei continued its record rally up by 0.64%, while Australia’s S&P ASX 200 index erased its early losses and is trading flat to the positive.
South Korea’s Kospi index is trading slightly lower by 0.09% after last week’s sharp fall. Shanghai and Hang Seng are trading lower by 0.32% and 0.56% respectively. The Straits Times and Taiwan are trading in the positive territory at 7.10 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed mixed on Friday, as varied earnings reports from big banks offset cooler-than-expected wholesale inflation data. On Friday, the PPI inflation data showed an unexpected fall in December due to decreased food items and diesel fuel.
Investor’s hope for an early interest rate cut remains intact as the probability of the Fed’s cutting interest rate in March showing in favor of 81.3% in the CME FedWatch Tool after the wholesale inflation data was released.
The 10-year Treasury yield that climbed 4.072% after CPI inflation on Thursday slipped to 3.944% on Friday. However, Dow Jones was under pressure, and the indices were capped upside due to muted quarterly earnings and guidance from banking giants. Delta Airlines declined more than 8% after the carrier lowered its annual profit outlook.
The key index in US markets, the Dow Jones Industrial Average (DJIA) closed lower by 0.31% while the S&P 500 index ended by 0.08%. The tech-heavy Nasdaq Composite index closed up by 0.02% on Friday. The US stock markets will remain closed on Monday on account of Martin Luther King Jr. Day.
European Stock Market Indexes Updates
European markets ended higher on Friday, as the latest economic data from the UK showed that the GDP growth rebounded by 0.3% in November after a 0.3% decline in the previous month. Investors were also encouraged in the afternoon session after data showed that US producer prices unexpectedly fell last month.
The pan-European Stoxx 600 index ended higher by 0.84% to 476.76, with gains across all major sectors, with defense and aerospace stocks gaining the most. The key European stock market indexes CAC and DAX closed higher by 1.04% and 0.94% respectively, while the UK’s FTSE was up by 0.63% on Friday.
Indian stock markets
Indian stock market indexes ended with a significant gain on Friday, rising for the fourth straight day. The domestic markets opened higher despite weakness in the global markets and marched ahead as the session progressed on the back of buying in IT stocks.
Sensex and Nifty closed at the record a fresh record high on Friday. The market breadth was quite positive with advance decline indicating a ratio of 3:2 at the close. FIIs were the net sellers while DIIs were the buyers in the Indian equity cash segments. FIIs sold shares worth Rs 340.05 crore while DIIs bought shares worth Rs 2911.19 crore on Friday.
Quarterly Earnings for Today
Jio Financial Services, Angel One, Fedbank Financial Services, Kesoram Industries, Brightcom Group, Choice International, Digicontent, Metalyst Forgings, Nelco, PCBL, Reliance Industrial Infrastructure, Suraj Estate Developers, Excel Realty N Infra, and Jai Balaji Industries will announce their quarterly earnings on January 15.
Stock Market Today
The global cues are mixed today. On Friday, Gift Nifty closed at 68 points higher and is trading flat at 22039 level. The indication from the Gift Nifty is positive, Indian stock market indexes are likely to open higher today and will trade above their neutral lines. Traders should remain cautious as WPI inflation numbers will be announced during market hours.
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Editor’s Desk
