Trade Setup for Thursday 17 Nov: Stock Market News
Trade setup for Thursday 17 Nov– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
The Asian stock market indexes are mostly trading in the red on Thursday, tracking negative cues from Wall Street overnight. Nikkei is trading slightly negative by 0.15 percent while Hang Seng and Shanghai are trading lower by 1.63 percent and 0.66 percent respectively. SGX Nifty is also trading lower by 52 points or 0.28 percent at 18428 levels.
The indication getting from the Asian markets is negative. The Indian stock market indexes are likely to start on a cautious note today.
The US and European market indexes update
The US stock market indexes closed lower on Wednesday after stronger-than-expected retail sales data that concerned investors about the Fed’s pace of interest rate hikes. Semiconductor share slid after Micron Technology said it would reduce supply and cut capital spending.
The US key benchmarks, Dow Jones and S&P 500 fell 0.12 percent and 0.83 percent respectively while Nasdaq was down by 1.54 percent on Wednesday.
European markets closed lower on Wednesday tracking the negative cues from Asian peers. The market sentiments were downbeat due to geopolitical tension, weak economic data in China, and hotter-than-expected UK inflation data.
The pan-European Stoxx 600 closed lower by 1% with retail and auto dragging the indexes. The food, beverages, and insurance sectors posted 0.2% gains on Wednesday. The key European indexes, closed lower by 0.52 percent and 1 percent while FTSE was down by 0.25 percent respectively.
Indian stock market updates
Indian stock markets closed with a minor gain after a volatile trading session on Wednesday. The market sentiments were nervous due to the geopolitical tension. The Sensex and Nifty closed higher by 0.17 percent and 0.03 percent respectively. The broader markets underperformed as compared to their larger peers.
FIIs were the net sellers, selling Rs 386.06 crore worth of shares while DIIs were the net buyers, they bought Rs 1437.40 crore in the equity cash segment on Wednesday.
News you should read before the trade setup for today 17 Nov
According to Crisil ratings, nearly all Indian MSMEs would be surpassing the revenues they achieved in the pre-covid level, but their operating profits may be below 2019 levels, as they are not able to pass on the commodity price increases.
The domestic rating agency further said that all MSMEs are expected to cross the pre-Covid level revenue and the is expected to bounce back to 1.27 times the pre-Covid levels in terms of revenue this fiscal.
The Indian government has sold the Axis Bank shares held by Specified Undertaking of The Unit Trust of India (SUUTI) and received around Rs 38.39 billion. The floor price for the offer was kept at Rs 830.63 per share and the government collected Rs 3839 cr by selling a 1.5% stake in Axis Bank, which it held through SUUTI. Read the full post at Moneycontrol.com
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