Trade Setup for Thursday 16 March: Stock Market News

 

Trade setup for Thursday 16 March 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock market indexes are mostly trading lower on Thursday as Credit Suisse added to banking fear in the region. While some indexes pared early losses after Credit Suisse says it will borrow up to about $54 billion from the Swiss central bank. Japan’s Nikkei is trading lower by 1.23 percent, as its trade data released on Thursday is lower than expected. Hang Seng and Shanghai are trading lower by 1.78 percent and 0.40 percent respectively.

SGX Nifty is trading higher by 35 points or 0.21 percent at 17009 levels. The indication getting from the Asian markets is negative. The cue from SGX Nifty is positive at this moment ( at 7.25 am IST), and we feel the Indian stock market indexes will open in the green today but will remain volatile.

 

U.S. and European stock market indexes update

 

The US stock market indexes mostly closed lower on Wednesday as fresh turmoil in Credit Suisse worried investors about a widespread banking crisis and fueled a selloff in banks. The First Republic Bank fell more than 20 percent after the credit rating agency S&P Global downgraded the bank’s creditworthiness. 

The data released on Wednesday showed cooling wholesale inflation and a dip in retail sales raising hope that Fed could pause the interest rate hike next week. The US stock market indexes Dow and S&P 5oo declined by 0.87 percent and 0.70 percent respectively while Nasdaq closed slightly higher by 0.05 percent on Wednesday.

European stock market indexes fell sharply on Wednesday amid the global Silicon Valley Bank fallout and fresh turmoil in Credit Suisse. The banking stocks ended in the deep red and indexes fell around 3-4% after Credit Suisse dropped more than 25% on the news that the bank’s biggest lender, Saudi National Bank, said it would not be able to offer more financial help.

The pan-European Stoxx 600 provisional closed 3% lower on Wednesday. All sectoral indices closed in the red, led by Banking, Oil & Gas, and Minings, which fell between 5-7%. The key European stock market indexes CAC and DAX declined by 3.72% and 3.32% respectively while FTSE was down by 3.98% on Wednesday.

 

Indian stock market updates

 

Indian stock market indexes fell for the fifth consecutive session today. The last hour of selling pressure in the banking and financial stocks erased all early gains and closed the markets around 0.50 percent lower. The market breadth was slightly on the weaker side on Wednesday. 

The broader markets outperformed the benchmarks as  Nifty mid and small-cap indexes ended in the green. FIIs were the net sellers in the Indian equity markets, they offloaded shares worth Rs 1271.25 crore while DIIs bought Rs 1823.94 crore on Wednesday.

 

News you should read before the trade setup for today 16 March

 

On Wednesday, according to the official data released, India’s trade deficit came in at $17.43 billion in February 2023, which is narrower as compared to $18.75 billion in the same period last year. The trade deficit was also marginally lower as compared to the previous month, the trade deficit was at $17.76 billion in January 2023.

The total imports in February were recorded 8% lower to $51.31 billion as compared to $55.90 billion in the same period last year and $50.66 billion recorded in January. Meanwhile, exports also contracted by 8.8% in February to $33.88 billion, as against $37.15 billion in the same period last year and $32.91 billion recorded in the previous month.

The latest data released in the US showed that retail sales and wholesale prices declined in February. This data has provided some respite to the traders as US Fed is preparing for a key interest rate decision next week.

 

If you like the “Trade Setup for Thursday 16 March: Stock Market News ” post, please share it.

 

You may also like to read,  Nifty and Bank Nifty Prediction for Tomorrow 16 March 2023                                           

                                                 Stock Market Prediction Next Week (13-17 March 2023)                  

 

Happy Investing!!

Editor’s Desk