Trade Setup for Monday: Stock Market Today (8 April 2024)

 

Trade Setup for Monday, 8 April 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

 

Asian stock market indexes are trading mostly higher on Monday, following positive cues from Wall Street on Friday. Japan’s Nikkei 225 is gaining 1.47%, bounced back after a sharp fall last week. Australia’s S&P ASX 200 is up 0.25% in the early trade. South Korea’s Kospi has erased early losses and is trading higher by 0.19%, as investors are cautious and expect a rate cut from the  Bank of Korea’s monetary policy decision later this week. 

China’s Shanghai Index resumed trading after a long weekend and is trading lower by 0.65% ahead of the inflation data due on Thursday. Hang Seng started the week on a subdued note, trading lower by 0.95% after closing higher last week. The Straits Times and Taiwan are trading in positive territory at 7 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed higher on Friday following the robust job reports, but the hourly earnings have fallen to 4.1% year over year, to its lowest level since June 2021. The data released on Friday showed that 303,000 jobs were added in March, while the expectation was 212,000. The unemployment rate came to a tick lower to 3.8% in March from 3.9% in the previous month.

On the equity front, Apple’s share rose around 0.5% after the iPhone maker announced to cut jobs of 600 workers in California. The shares of Tesla declined 3.63% as the company cut prices for some of its electric vehicle models. 

The energy stocks including Valero Energy Corporation, Occidental Petroleum Corporation, and Baker Hughes Co gained between 1% to 2.4%, due to a rally in crude oil prices after geopolitical tension in the Middle East escalated.

The US stock market indexes, the Dow Jones Industrial Average (DJIA), and the S&P 500 index closed higher by 0.80% and 1.11% respectively, while the Nasdaq Composite index rallied 1.2% on Friday.

 

European Stock Market Indexes Updates

 

European stock markets closed sharply lower on Friday despite gains in Wall Street following strong US job data. The sentiments turned negative after hawkish remarks, made by US Fed officials on Thursday, about the rate cuts. The rising crude oil prices due to fresh geopolitical tension and increasing demand from China also dented the market sentiments on Friday.

On the economic front, Germany’s factory orders rose below expectations in February. The HCOB’s eurozone construction PMI fell sharply in March from the previous month. The latest data showed that eurozone retail sales dropped in February, compared to the revised data of a 0.1% gain, in the prior month.

The pan-European Stoxx 600 index fell 0.84% on Friday. The key European stock market indexes, CAC and DAX closed lower by 1.12% and 1.25% respectively, and the UK’s FTSE was down by 0.82% on Friday.

 

Indian stock markets

 

Indian stock markets ended the range-bound session on a flat on Friday. The Sensex and Nifty closed mixed with little change, post RBI monetary policy outcome. As expected, RBI kept the repo rate at 6.5% for the seventh consecutive time and kept the monetary policy stance at withdrawing accommodation. The rate-sensitive sectors, realty, bank, and financial services gained the most.

The market breadth was strong with the advance decline indicating a 2:1 ratio at the close. FIIs were the net buyers while DII turned the net sellers in the equity cash segments on Friday. FIIs bought shares worth Rs 1659.27 crore while DIIs offloaded shares worth Rs 3370.42 crore on Friday.

 

Stock Market Today

 

The global cues are mostly positive today. The Gift Nifty closed 52 points higher on Friday and is trading 20 points lower, at 22654 levels. Indications, from the global markets and Gift Nifty are positive today. Indian stock market indexes are likely to open in the green today, and trade positively.

 

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You may follow our Nifty and Bank Nifty Predictions, support, and resistance levels in the live markets. 

Also, read  Nifty and Bank Nifty Prediction for Monday, 8 April 2024

                  Stock Market Prediction Next Week (8 – 12 April 2024) 

 

Happy Investing!!

Editor’s Desk