Trade Setup for Thursday 11 August 2022: Stock Market News
Trade setup for Thursday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today August 11, 2022
Asian stock market indexes are trading in the green on Thursday tracking positive cues from Wall Street overnight. Nikkei is not trading today due to a holiday while Hang Seng and Shanghai are trading higher by 1.10 percent and 0.32 percent respectively. The SGX Nifty is trading higher by 199 points or 1.14 percent at 17746 levels.
The indication getting from the Asian markets is strong, Indian markets are likely to open a gap-up today. Nifty may open above 17725 levels today.
The US and European market indexes update
The US stock market indexes rallied on Wednesday, and Nasdaq gained more than 20 percent above its June low after US inflation slowed down more than expected in July. The market sentiments were upbeat as this has raised hopes the Fed will become less aggressive on interest rate hikes in the next meeting.
The US CPI inflation rose softer than expected at 8.5 percent in July, as against 9.1 percent in June. The key indexes, Dow Jones and S&P 500 gained 1.63 percent and 2.13 percent respectively, while Nasdaq jumped 2.89 percent on Wednesday.
European stock market indexes closed higher after the data showed a slower-than-expected rise in US inflation in July, some relief to the investors. The second positive news for the European markets was that the Russian state oil pipeline monopoly Transneft has resumed oil flows via the southern leg of the Druzhba oil pipeline.
The pan-European STOXX 600 gained 0.9 percent, closing at an almost 2-week high. European key market indexes, CAC and DAX gained 0.52 percent and 1.23 percent respectively while FTSE was up by 0.25 percent on Wednesday.
Indian stock market updates
Indian stock markets were moving in a tight range on Wednesday and closed almost flat. The benchmark indices were closed mixed today, as Sensex was down 0.06 percent while Nifty was up by 0.06 percent. The market breadth was flat with the advance-decline indicating a neutral ratio at the close. FIIs were the buyers, they bought Rs 1061.88 crore while DIIs sold Rs 768.45 crore in the equity cash segment on Wednesday.
Today’s Q1 Earnings
Apollo Hospitals Enterprise, Aster DM Healthcare, Aurobindo Pharma, Bata India, Bharat Forge, Gujarat Ambuja Exports, Greaves Cotton, Page Industries, The Phoenix Mills, Puravankara, Quess Corp, Sapphire Foods India, Shilpa Medicare, Spencers Retail, Sunteck Realty, Garden Reach Shipbuilders & Engineers, Himadri Speciality Chemical, KNR Constructions, etc will announce their quarterly earnings today.
News you should read before the trade setup for Thursday 11 August 2022.
According to the RBI data showed, bank credit up by 14.52 percent to Rs 123.69 lakh crore and deposits increased by 9.14 percent to Rs 169.72 lakh crore in the fortnight ended July 29. This is as against the fortnight ended July 30, 2021, bank advances stood at Rs 108 lakh crore and deposits at Rs 155.49 lakh crore as the RBI data released on Wednesday.
The RBI on August 10 released norms to regulate digital lending, based on the inputs received from the working group on digital lending including lending through online platforms and mobile apps (WGDL). This is to crack down on a growing number of frauds and unlawful activities.
As per the new norms, all loan disbursals and payments have to be executed only between the bank account of the borrower and the regulated entity without any pass-through/pool or third-party account.
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