Trade Setup for Monday 29 Aug: Stock Market News
Trade Setup for Monday 29 Aug– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes opened sharply lower following negative cues from Wall Street on Friday. The indexes are trading lower, as the global market sentiments become negative after Fed’s hawkish tone at Jackson Hole Symposium. Nikkei is trading lower by 2.89 percent while Hang Seng and Shanghai are trading lower by 1.15 percent and 0.51 percent respectively.
The SGX Nifty is trading lower by 394 points or 2.23 percent at 17265 levels. The indication getting from the Asian markets is negative, Indian stock markets will open a gap-down today. Nifty may open below 17300 levels today.
The US and European market indexes update
The US stock market indexes fell sharply after Fed Chairman Jerome Powell’s speech at the Jackson Hole symposium on Friday. Dow Jones fell more than 1000 points after Powell’s hawkish comments on Friday. The bond yield closed higher, as Fed Chair Jerome Powell said that the signs of slowing are not enough to ease its tough stance against rising prices.
All three major US indexes closed lower by more than 3 percent on Friday. The US stock market indexes, Dow Jones and S&P 500 declined 3.03 percent and 3.37 percent respectively while Nasdaq fell 3.94 percent at the close on Friday.
The European stock market indexes also fell sharply on Friday as top central bankers sounded a hawkish tone at the Jackson Hole conference. The latest data released on Friday showed that consumer confidence in Germany declined in August while France’s consumer confidence index increased slightly.
European key market indexes, CAC and DAX were down by 1.68 percent and 2.26 percent respectively while FTSE was closed lower by 0.70 percent on Friday.
Indian stock market updates
Indian equity market indexes trimmed their early gains and closed marginally higher on Friday. The benchmark indices, Sensex and Nifty gained 0.10 percent and 0.21 percent on the last day of the week. The market breadth was quite strong with the Advance-Decline indicating a ratio of 2:1 at the close. The FIIs were the net sellers, they sold Rs 51.12 crore in the equity cash segment while DIIs bought Rs 453.59 crore on the last day of the week.
News you should read before the trade setup for Monday 29 Aug.
India’s foreign exchange reserves fell by $6.69 billion to $564 billion for the week ended August 19, as the data showed by the Reserve Bank of India on Friday. The forex reserve is at its lowest level since October 2020. In the last two weeks, the country’s foreign exchange reserves fell by almost 9 billion.
The heavyweight, Reliance is set to hold its 45th annual general meeting on 29th August at 2 pm through video conferencing and on five social media platforms apart from JioMeet. Some big announcements regarding the listing of some of its business units like retail, and telecom along with a green energy plan and the launch of 5G services are on the card.
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