Trade Setup for Thursday: Stock Market Today (16 Nov 2023)
Trade Setup for Thursday
Trade Setup for Thursday, 16 Nov 2023: 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 market indexes are mostly trading lower on Thursday despite positive cues from Wall Street overnight. Investors digested the high-level meeting between U.S. President Joe Biden and Chinese President Xi Jinping. Japan’s Nikkei is trading lower by 0.73%, while Australia’s S&P ASX 200 is down by 0.45%.
South Korean stock markets opened one hour delayed today and are trading slightly lower by 0.35%. Shanghai and Hang Seng are also trading lower by 0.37% and 1.22% respectively. Elsewhere, the Straits Times is trading in the red while Taiwan is in the green at 7.30 am IST.
U.S. Stock Market Indexes Updates
US stock markets closed higher on Wednesday, as inflation showed further signs of cooling and a rally in retails after Target’s quarterly results. The producer price data slowed to a pace of 1.3% annually in October from a 2.2% increase in September, while the expectation was 1.9%. The retail major Target beat profit expectations and the guidance was in line, this pushed the other retail stocks and lifted the Dow Jones.
Technology stocks took a pause on Wednesday, as Meta Platform closed lower due to profit booking while Microsoft ended flat to the positive. The key US stock market indexes, the Dow Jones Industrial Average and S&P 500 gained 0.47% and 0.16% respectively, the tech-heavy Nasdaq ended slightly higher by 0.07% on Wednesday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Wednesday, as investors shrugged off weaker-than-expected domestic data to focus on cooling inflation in the US and UK. The. Industrial output data in the eurozone contracted more than expected in September, according to Eurostat data released on Wednesday. Production fell by 1.1% across the single-currency region.
The Stoxx 600 index closed the session 0.4% higher at 454.47. The key European stock market indexes CAC and DAX closed higher by 0.33% and 0.85%, while the UK’s FTSE was up by 0.62% on Wednesday.
Indian Stock Market Indexes
Indian stock markets rallied on Wednesday amid positive global cues. The global sentiments became strong after the US inflation reading came better than expectations. The ease in domestic inflation also lifted the market mood.
The market breadth was quite strong with the advance decline indicating a ratio of 2:1 at the close. FIIs turned net buyers, they bought shares worth Rs 550.19 cr, while DIIs bought Rs 609.82 cr on Wednesday.
Stock Market Today
Gift Nifty is trading higher by 33 points today at 19751 levels. The cues from the US markets are positive while Asian markets are negative. Indian stock market indexes are likely to open slightly higher but traders should remain cautious, as a profit booking can be seen at the higher level.
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