Trade Setup for Monday 19 Dec: Stock Market News
Trade setup for Monday 19 Dec– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock markets are mostly trading in the red on Monday, tracking negative cues from Wall Street on Friday. Nikkei and Shanghai are trading lower by 1.15 percent and 0.68 percent respectively while Hang Seng pared some early gains and trading higher by 0.52 percent. SGX Nifty is currently trading higher by 63 points or 0.35 percent and trading at 18381 levels at 7.20 am IST
The indication getting from the Asian stock markets is mostly negative, but SGX Nifty is trading positively. The Indian stock market indexes are likely to open in the green today. Traders should remain cautious, as markets may remain volatile at the opening.
The US and European stock market indexes update
The US stock markets closed lower for the third consecutive day on Friday, as investors worried about raising interest rates and its impact on economic growth. On Friday the latest survey showed that the US business activity contracted further in December, as the new orders fell to their lowest levels in just two and half years.
However, the key indexes trimmed some early losses at the close due to weekly derivative expiry. The US benchmark indexes, Dow Jones and S&P 500 fell 0.85 percent and 1.11 percent respectively while Nasdaq was down by 0.97 percent on Friday.
European stock market indexes closed in the red on Friday as investors were concerned about the hawkish tone of the ECB’s chief on Thursday. The markets closed lower despite the ongoing decline in Eurozone business activity slowed unexpectedly in December as per the latest survey.
Among sectors, barring banking all sectoral indices were closed lower, while telecom stocks led the losses on Friday. The pan- Europe Stoxx 600 closed lower by 1.20 percent. The European benchmarks, FTSE and CAC closed lower by 1.27 percent and 1.08 percent respectively while DAX was down by 0.67 percent on Friday.
Indian stock market updates
Indian stock markets ended lower for the second consecutive day on Friday amid weak global cues. The market sentiments hit due to disappointing US retail sales data and hawkish comments made by the central banks. The market breadth was negative with the advance-decline indicating a ratio of 1:2 at the close.
Sensex and Nifty fell 0.75 percent and 0.79 percent respectively on Friday. FIIs were the net seller in the Indian equity cash segment and they sold Rs 1975.44 crore worth of shares at the close while DIIs bought Rs 1542.50 on Friday.
News you should read before the trade setup for today 19 Dec
India’s gross direct tax collections have grown nearly 26 to over Rs 13.63 lakh crore compared to 10.83 lakh crores in the corresponding period of the preceding year so far this fiscal. The growth is due to the TDS deductions and healthy corporate advance tax mop-up, as per an official statement.
After adjusting for refunds, the net direct tax collection so far this fiscal stands at Rs 11.35 lakh crore, which is around 80% of the full-year Budget target.
The 48th GST Council meeting was held on 17th December 2022, Saturday, virtually from New Delhi, Finance Minister Smt. Nirmala Sitharaman chaired the meeting along with the Finance Ministers of the states/Union Territories.
The threshold limit for the launching of GST offenses increased to Two Crores except in the case of fake invoices which remain at 1 crore. GST on pulse husks for cattle feed has been reduced from 5% to Nil, and 5% GST on ethyl alcohol applicable to blended petrol, earlier it was 18%. Cess on SUVs reduced to 22% from 28%. No decision on any GST rate hike
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