Trade Setup for Thursday: Stock Market Today (11 Jan 2024)
Trade Setup for Thursday, 11 Jan 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock markets are trading higher on Thursday tracking gains from US markets overnight. Japan’s Nikkei 225 is up around 2% and is trading above 35K for the first time since February 1990. Australia’s S&P ASX 200 is gaining 0.48% after a sell-off in the previous session.
South Korea’s Kospi index is trading slightly higher by 0.16%, as investors are waiting for the Bank of Korea’s interest rate decision later in the day. Shanghai is trading lower by 0.23% while Hang Seng is trading up by 0.39%. The Straits Times is trading in the green territory, while Taiwan is flat at 7.10 am IST.
U.S. Stock Market Indexes Updates
US stock market indexes ended with decent gains on Wednesday, even after investors remained cautious ahead of the inflation data and big bank’s quarterly earnings. Technology and Retail stocks led the gains on Wednesday. Meta Platform leads tech stocks higher, while Home Depot, Microsoft, Walmart Salesforce were the top performers on the Dow Jones.
According to the Mortgage Bankers Association, the US mortgage application volume rose 9.9% in the week ended 5 January, its biggest increase in a year. The 10-year Treasury yield is hovering near 4% this week, after hitting a low of 3.979% it was settled at 4.034% on Wednesday, slightly higher than the previous session.
The US market key indices, the Dow Jones Industrial Average (DJIA) and S&P 500 index gained 0.45% and 0.57% respectively, while the tech-heavy Nasdaq gained 0.75% on Wednesday.
European Stock Market Indexes Updates
European stock markets closed slightly lower on Wednesday, declining for the second consecutive day. Investors remained sidelined due to the gloomy economic outlook from the World Bank and cautiousness ahead of the US inflation data. On the economic front, the data showed that there was an unexpected rebound in industrial output in France during November.
Meanwhile, ECB policymaker said that the eurozone may have been in recession last quarter and prospects in the near term remain weak. Separately, surveys from two research institutes projected the outlook of Germany’s construction sector was grim for 2024.
The pan-European Stoxx 600 index declined 0.18%. The major indexes in the region, CAC and DAX closed flat while the UK’s FTSE was down 0.42% on Wednesday.
Indian stock markets
Indian stock market indexes closed higher on Wednesday amid volatility. The domestic markets opened slightly lower tracking negative global cues. Markets traded volatile in most of the session and witnessed a sharp rally in the late trade due to buying in heavyweight stocks like Reliance, HCL Tech, and ICICI Bank.
The market breadth was positive with the advance decline indicating a 2:1 ratio at the close. FIIs were the net sellers they offloaded shares worth Rs 1721.35 crore in the equity cash segments, while DIIs were the net buyers they bought shares worth Rs 2080.1 crore.
Stock Market Today
The cues from Wall Street and Asian markets are positive today. Gift Nifty closed 10 points higher on Wednesday and is currently trading flat at 21719 level. Indian stock market indexes are likely to open with little change on Thursday and remain volatile.
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