Trade Setup for Thursday 2 Feb: Stock Market News

 

Trade setup for Thursday 2 Feb 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 in the green, tracking positive cues from Wall Street overnight. The major Asian stock market indexes, Nikkei and Hang Seng are trading higher by 0.28 percent and 0.36 percent respectively while Shanghai is trading lower by 0.30 percent at 7.15 am IST. The SGX nifty is also trading lower by 69 points or 0.39 percent at 17630 levels.

The indication getting from the SGX Nifty is negative today. Indian stock markets are likely to open in the red and would remain volatile today.

 

U.S. and European stock market indexes update

 

The US stock market indexes erased early losses and closed higher on Wednesday after the Federal Reserve raised interest rates by quarter basis points as widely expected. Fed Chair Jerome Powell acknowledged that the central bank’s interest-rate increases had begun to pull inflation lower, and suggested more rate hikes were ahead. 

Technology stocks led the gain while Energy stocks closed in the red on Wednesday. The key US stock market indexes, Dow Jones and S&P 500 gained 0.02 percent and 1.05 percent respectively while Nasdaq jumped 2 percent at the close on Wednesday.

European stock market indexes closed mixed on Wednesday ahead of the Fed’s monetary policy decision. The UBS stocks gained 8 percent after the quarterly results that beat analyst expectations. The pan-European Stoxx gained 1.1% by the close on the first day of the month. 

The basic resources lead the gains, and almost all sectors and major bourses finished in positive territory on Wednesday. At the close, the equity benchmarks, FTSE and CAC declined by 0.14 percent and 0.08 percent while DAX gained 0.35 percent on Wednesday.

 

Indian stock market updates

 

Indian stock markets closed mixed after a highly volatile session on Wednesday. Heavy selling pressure was witnessed in Adani group, Banking, and Insurance stocks after the Union Budget were delivered. The market breadth was quite weak with the advance-decline indicating a ratio of 1:2 at the close. Both FIIs and DIIs were the net buyers in the Indian equity markets on Wednesday. FIIs bought Rs 1785.21 crore worth of shares while DIIs bought Rs  529.47 crore on Wednesday

 

Q3 Results Today

 

HDFC, Tata Consumer Products, Titan Company, Aditya Birla Capital, Aegis Logistics, Apollo Tyres, Bajaj Electricals, Berger Paints India, Birlasoft, Dabur India, Deepak Fertilisers, Godrej Properties, Karnataka Bank, Cera Sanitaryware, Coromandel International, Crompton Greaves Consumer Electricals, Max India, SIS, Ujjivan Small Finance Bank, and Welspun Corp will announce their Q3 earnings today.

 

News you should read before the trade setup for today 2 Feb

 

On Wednesday 1 Feb, Adani Enterprise said that it has canceled its Follow-On-Public Offering (FPO) due to ongoing controversy after Hindenburg Research accused the company. The decision was taken after the Board of Directors’ meeting health on Feb, in the interest of its subscribers, earlier the issue was fully subscribed.

Moody’s Investors Service on Wednesday said that the Indian federal government’s aim to achieve a fiscal deficit target of 4.5% of gross domestic product (GDP) by 2025/26 could see some risks. “The current pattern suggests that perhaps there could be some upward pressure on expenditure especially if they (government) continue with this focus on capex,” the rating agency’s senior vice president, Christian de Guzman, told Reuters.

 

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You may also like to read, Nifty and Bank Nifty Prediction for Tomorrow 2 Feb 2023

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Happy Investing!!

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