Trade Setup for Monday 31 July: Stock Market Today
Trade setup for Monday 31 July 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian Stock Markets
Asian stock markets are trading higher on Monday, following positive cues from Wall Street on Friday and ahead of economic data in the region. Nikkei is trading higher by 1.93% as the Industrial Production in June grew by 2%, after a 2.2% fall in the previous month and the retail sales ticked higher matching the consensus forecast.
The Shanghai index is trading higher by 1.35 percent as investors are looking ahead for manufacturing and non-manufacturing PMI data, later in the day. The other key indexes Hang Seng and Kospi are also trading higher by 1.89 percent and 1.16 percent respectively at 7.05 am IST
Gift Nifty is trading flat at 19787 level. The indication getting from the Asian Stock market is positive today. Indian stock markets are likely to open higher and trade in the green zone.
U.S. Stock Market Indexes update
The US stock markets opened higher on Friday, as the Fed’s most preferred gauge of inflation came in at its lowest in nearly two years. The latest data released ahead of the market opening on Friday showed the Personal Consumption Expenditures Price Index (PCE Price Index) cooled down in June compared to May. The Core PCE also came lower than economists had expected.
The US benchmark Treasury yield slipped, as investors bet on ending Fed’s interest rate hikes in this year. The market sentiments got further boosted after IT stocks jumped on positive economic data and as Intel rallied more than 7% after the quarterly earnings.
The US stock market indexes, Dow Jones and S&P 500 gained 0.50 percent and 0.99 percent respectively while Nasdaq was up by 1.90 percent on Friday.
European Stock Market Indexes Updates
European stock market indexes ended slightly higher on Friday, following positive cues from Wall Street. While Stoxx 600 index fell 0.2% as the economic data released on Friday showed that the eurozone economic sentiment index declined for a third consecutive month in July, while inflation expectations continued to fall.
Meanwhile, the flash survey GDP data showed a mixed picture in the eurozone’s biggest economies. France’s economy grew better than expected while Germany’s economic growth stagnated, and Spanish growth came slightly lower in the second quarter.
The major European stock market indexes, CAC and DAX gained 0.15 percent and 0.39 percent while the UK’s FTSE was up by only 0.02 percent on Friday.
Indian Stock Market Indexes
Indian stock markets closed marginally lower on Friday amid mixed global cues. The domestic markets were volatile, erasing most of the early losses in the late trade but ended lower for the second consecutive day. Heavy selling pressure was witnessed in the banking and financial counters on account of selling pressure in heavyweight HDFC Bank and Bajaj Finserve.
The market breadth was slightly on the positive side with the advance decline indicating a ratio of 4:3 at the close. FIIs were the net sellers, they offloaded Rs 1023.91 crore in the Indian equity cash segments while DIIs were the net buyers and they bought shares worth Rs 1634.37 crore on Friday.
Quarterly Earnings Today (Q1FY24)
Maruti Suzuki, Gail India, Power Grid, UPL, Bosch, Petronet LNG, Adani Green Energy, Adani Transmission, Bajaj Hindustan, Castrol India, Dhanlakshmi Bank, and others will announce their Q1FY24 quarterly earnings on 31 July.
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Editor’s Desk
