Trade Setup for Monday 3 Oct: Stock Market News
Trade setup for Monday 3 Oct– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock markets are trading mostly in the red on Monday tracking the negative cues from Wall Street on Friday. Nikkei is trading higher by 0.29 percent whereas Hang Seng is trading lower by 0.33 percent. Shanghai is not trading today due to a holiday. SGX Nifty is trading in the deep red at this time (7.15 am IST), it is trading lower by 216 points or 1.27 percent at 16871 levels.
The indication getting from the SGX Nifty is negative, the Indian stock market indexes are likely to open lower today. Nifty may open below 17000 levels today after a strongrally in the previous session.
The US and European market indexes update
The US stock market indexes fell sharply on Friday, as the latest data showed the August core (less food and energy) personal consumption expenditures (PCE) price index ticked higher. Investors fear, persistently higher inflationary pressures despite the tightening of monetary policy could prompt Fed to further hike interest rates aggressively.
This could overshoot tightening and push the economy into a deep recession. The key US stock market indexes, Dow Jones and S&P 500 fell 1.71 percent and 1.51 percent respectively while Nasdaq also closed lower by 1.51 percent on Friday.
European stock market indexes closed higher on Friday, the rally was led by construction and media stocks. A decline in government bond yields and upward revision of the UK GDP data helped to lift the market sentiments on the final day of the week.
The pan-European Stoxx 600 ended higher by 1.3 percent. The key stock market indexes CAC and DAX closed higher by 1.51 percent and 1.16 percent respectively while FTSE ended marginally higher by 0.18 percent on Friday.
Indian stock market updates
Indian stock market indexes snapped 7-day losing streak on Friday. The benchmark indices Sensex and Nifty closed higher by 1.80 percent and 1.64 percent respectively on the last day of the week. The market breadth was strong with the Advance-Decline indicating a ratio of 3:1 at the close. The FIIs were the net seller, they sold Rs 1565.31 crore in the Indian equity markets while DIIs bought Rs 3245.45 crore on Friday.
News you should read before the trade setup for today 3 Oct
As per the RBI’s latest report, the country’s retail inflation may come down to 5.2% in the next fiscal beginning April 2023. According to the central bank, the normal rains and further normalization of global supply chains without any shocks will help to control the inflation at 5.2% from 6.7% which is forecasted for the current year.
India’s unemployment rate dropped drastically to 6.43 percent in September on the back of an increase in labor participation in the rural and urban areas, as per the CMIE report. Last month, the unemployment rate surged to 8.3 percent as employment sequentially fell by 2 million to 394.6 million.
According to RBI data showed, the country’s foreign exchange reserves declined by $8.134 billion to $537.518 billion for the week ended September 23. The reserve is falling as the central bank deploys the kitty to defend the rupee amid global volatility.
The country’s GST collection for the month of September surged by 26 percent on a YoY basis to Rs 1,47686 crores, as per the data released on Saturday. The GST collection was above 1.4 lakh crores for the seventh consecutive month.
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