Trade Setup for Monday: Stock Market Today (29 Jan 2024)
Trade Setup for Monday, 29 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 Market Indexes
The major Asian stock market indexes are trading higher on Monday, as investors are looking for fresh key economic data scheduled during the week and the US Fed interest rate decision on Wednesday. This week, the spotlight will be on factory activity data from China, inflation data from Australia, and GDP numbers from Taiwan and Hong Kong.
Among the major Asian market indexes, Japan’s Nikkei is trading higher by 0.79%, while Australia’s S&P ASX 200 index is up 0.35%. South Korea’s Kospi index added 1.09% at this moment. The Shanghai index is trading flat to the positive, while Hang Seng is trading higher by 1.35%. The Straits Times and Taiwan are in the positive territory at 7.10 a.m. IST.
U.S. Stock Market Indexes Updates
US stock market indexes closed mixed on Friday, Dow ended marginally higher while the S&P 500 and Nasdaq closed in the red. IT stocks declined, due to a significant 12% drop in Intel shares following the chip maker’s guidance, which fell short of market expectations.
On the economic front, the Fed’s preferred gauge of inflation “core” personal consumption expenditures (PCE) price index, excluding food and fuel, slowed to 2.9% in December, from 3.2% a month earlier, below economists’ estimates of 3%. Consumer spending surprisingly came higher by 0.7% from the estimate of 0.4%.
The key US stock market index, the Dow Jones Industrial Average (DJIA) closed higher by 0.16%, while the S&P 500 and Nasdaq Index closed lower by 0.07% and 0.36% respectively on Friday.
European Stock Market Indexes Updates
On Friday, European stock market indexes closed higher as investors bet on April rate cuts after the European Central Bank’s (ECB’s) dovish policy outlook on Thursday. Investors were encouraged after the ECB acknowledged domestic inflationary pressure is easing and price rises are moving in the right direction.
On the economic front, the Gfk consumer confidence data showed that the UK consumers are the most confident since January 2022, While consumer confidence in Germany and France showed a mixed picture, the consumer confidence improved in France but not in Germany.
The pan-European Stoxx 600 index gained 1.11% to 483.84. The key European stock market indexes, DAX and CAC closed higher by 0.32% and 2.23%, while the UK’s FTSE was up by 1.38% on Friday.
Indian stock markets
Indian stock markets closed lower amid volatility on Thursday. The local markets were closed on Friday due to the Republic Day holiday. The equity benchmarks opened cautiously on Thursday and fell sharply in the afternoon session due to persistent selling pressure from FII for six consecutive days. However, indices trimmed some losses in the last hour and closed in the red.
The market breadth was overall strong with the advance-decline indicating a ratio of 5:3 at the close. FIIs were the net sellers in the equity cash segments while DIIs were the net buyers. FII sold shares worth Rs 2144.06 crore while DIIs bought shares worth Rs 3474.39 crore on Thursday.
Quarterly Earnings for Today
ITC, Bajaj Finance, NTPC, BPCL, Adani Green Energy, BEL, GAIL, Petronet LNG, Vodafone Idea, Marico, Nippon Life, Tata Inv Corp, Piramal Enterprises, RR Kabel, Aditya Birla Sun Life and others will announce their third quarterly earnings today.
Stock Market Today
The cues from Asian markets are positive today. Gift Nifty is trading higher by 80 points at the 21634 level. As per the indication from global markets and Gift Nifty, Indian stock market indexes are likely to open a gap-up today and will trade above their neutral lines.
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Editor’s Desk
