Trade Setup for Monday 31 Oct: Market News

 

Trade setup for Monday 31 Oct– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock market indexes are trading mostly higher on Monday tracking positive cues from Wall Street on Friday. Nikkei is trading higher by 1.60 percent while Heng Seng is trading flat and Shanghai is trading lower by 0.33 percent on  Monday at 7.30 am IST. SGX Nifty is trading higher by 165 points or 0.99 percent at 18000 levels.

The cues getting from Asian markets are positive, with SGX Nifty indicating a gap-up opening for the Indian stock market indexes today. Nifty may open around 18000 levels today.

 

The US and European market indexes update

 

The US stock market indexes closed sharply higher on Friday after the strong quarterly earnings announced by Apple. The market sentiments were optimistic as investors bet on recently beaten-down tech stocks. Though the latest released economic data indicates a 75 bps rate hike by the Fed on 2nd November, investors are pinning their hopes on less aggressive rate hikes in the December meeting. 

The US key indexes Dow Jones and S&P 500 closed higher by 2.59 percent and 2.46 percent respectively while tech-heavy Nasdaq jumped 2.87 percent on Friday

European stock market indexes trimmed early losses and closed mixed on Friday, as investors digested the European Central Bank ECB’s 75 bps rate hike decision and a slew of corporate earnings. The basic resources and retail stocks closed almost 2 percent lower while telecom and healthcare stocks gained on the last day of the week. European stock market indexes CAC and DAX gained 0.46 percent and 0.24 percent respectively while FTSE was down by 0.37 percent on Friday.

Indian stock market updates

 

Indian stock market closed with modest gains on Friday amid mixed global cues. The market sentiments were boosted due to strong corporate earnings. The benchmark indices, Sensex and Nifty closed higher by 0.34 percent and 0.28 percent respectively. The market breadth was slightly on the weaker side with the advance decline indicating a ratio of 4:5 at the close. FIIs were the net buyers, they bought Rs 1568.75 crore worth of shares while DIIs were the sellers, they sold Rs 613.37 crore on Friday.

 

FY23 Second Quarterly Results Today

 

Larsen & Toubro, Tata Steel, Bharti Airtel, 3i Infotech, Castrol India, LT Foods, Data Patterns (India), Equitas Small Finance Bank, Fino Payments Bank, GHCL, Motherson Sumi Wiring India, Music Broadcast, Saregama India, Swaraj Engines, Timken India, and VST Tillers Tractors will announce their 2nd quarterly earnings today.

 

News you should read before the trade setup for today 31 Oct

 

According to the RBI data showed, India’s foreign exchange reserve fell by $3.85 billion to $524.52 billion for the week ending Oct 21. The country’s foreign exchange reserve fell to 2 year low for the week ended October 14, as the RBI continued to defend the falling rupee and ignored reducing foreign reserves as a major concern.

The crude oil prices are trading more than 1 percent lower on Monday’s early trade. Brent crude oil is trading at $93.14 per barrel, 1.15 percent down at this moment at 7.30 am IST.

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You may also like to read, Stock Market Prediction Next Week (31 Oct to 4 Nov 2022)

                                         Nifty and Bank Nifty Prediction for Monday 31 Oct 2022

 

Happy Investing!!

Editor’s Desk