Trade Setup for Monday 16 Jan: Market News
Trade setup for Monday 16 Jan 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are mostly trading higher on Monday following the positive cues from Wall Street on Friday. Nikkei is trading lower by 0.98 percent while Hang Seng and Shanghai are trading higher by 0.33 percent and 0.67 percent respectively. SGX Nifty is trading marginally higher by 19 points or 0.11 percent at 18058 levels.
The indication getting from the Asian markets is positive. The Indian stock market indexes are likely to open slightly on the higher side today.
U.S. and European stock market indexes update
The U.S. stock market indexes erased early losses and closed higher on Friday. The US biggest bank’s cautious outlook about the economy dragged the markets in the morning deals. In the second half, investors bet on the beaten-down banking stocks after the optimistic quarterly earnings. The U.S. markets will remain closed on Monday due to a holiday.
The key U.S. stock market indexes, Dow Jones and S&P 500 gained 0.33 percent and 0.40 percent respectively while Nasdaq gained 0.71 percent on the last day of the week.
European stock market indexes closed higher on Friday extending their previous day’s gain and ending at their highest level since April 2022. The market sentiments got improved with the cooling U.S. inflation readings and better-than-expected GDP growth in the UK and German, suggesting that the recession may not be as steep as first feared.
The pan-European Stoxx 600 gained 0.54 percent. The European benchmark indexes FTSE and CAC gained 0.64 percent and 0.68 percent respectively while DAX was up by 0.19 percent on Friday.
Indian stock market updates
The Indian stock market indexes erased intraday losses and closed higher on Friday. The markets snapped a three-day losing streak amid positive cues from the global markets and strong domestic economic data. The market breadth was quite positive with the advanced decline indicating a ratio of 4:3 at the close. FIIs were the net sellers, they sold Rs 2422.39 crore worth of shares in the equity cash markets while DIIs bought Rs 1953.40 crore on Friday.
Q3 Results Today
Federal Bank, Angel One, JSW Ispat Special Products, Tinplate Company of India, Kesoram Industries, Bank of Maharashtra, Shree Ganesh Remedies, and Trident Texofab will announce their Q3 earnings on Monday 16 Jan 2023.
News you should read before the trade setup for today 16 Jan
On Saturday, the SBI research in its Ecowrap report said that the country’s retail inflation rate based on Consumer Price Index (CPI) is expected to remain below RBI’s comfort zone of 6 percent and will decline materially to 5 percent by March 2023. The report further said the average retail inflation for Jan-March 2023 is seen at 4.7 percent. According to the Ministry of Statistics, December’s retail inflation stood at 5.72 percent
India’s Business Confidence index measured by CII hit 67.6 in the October-December quarter from 62.2 in the previous quarter. It rebounded to its highest reading in almost two years reflecting the optimism about the Indian economy despite global uncertainties, the industry body said on Sunday. You can read the detailed post in the economic times here.
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