Trade Setup for Thursday 2 March: Stock Market News
Trade setup for Thursday 2 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 trading mostly lower as US 10-year-old Treasury bond yields advanced 4% for the first time in 2023. The major Asian stock market indexes, Nikkei and Hang Seng are trading lower by 0.31 percent and 1.07 percent respectively, while Shanghai is trading higher by 0.10 percent at 7.20 am IST. SGX Nifty is also trading lower by 61 points or 0.35 percent at 17458 levels.
The indication getting from the Asian markets is negative. The Indian stock market indexes are likely to open in the red today. The domestic markets would trade volatile due to the weekly expiry of Index options on the NSE.
U.S. and European stock market indexes update
The US crock market indexes closed mixed on Wednesday, S&P 500 and Nasdaq declined as the latest data showed that the US manufacturing activity slowed for the fourth straight month. The yield on the 10-year-old US Treasury note advanced above 4% for the first time since November 2022.
The fresh signs of sticky inflation pushed Treasury yields sharply higher as investors feel that higher interest rates would continue for a longer time to tame inflation. The key US stock market indexes, S&P 500 and Nasdaq fell 0.47 percent and 0.66 percent respectively while Dow Jones closed just 0.02% up on Wednesday.
European stock markets declined on Wednesday after data showed that German’s inflation increased in February. With the acceleration of inflation in France, Spain, and Germany, investors now fear the eurozone inflation figure which is due on Thursday. The manufacturing activity declined in French after a strong performance in January, while data was optimistic in Italy and Spain.
The pan-European Stoxx declined by 0.7 percent on Wednesday. Mining stocks were the gainers while utility stocks were down today. The key European stock market indexes, CAC and DAX closed lower by 0.47 percent and 0.39 percent respectively while FTSE was up by 0.49 percent on Wednesday.
Indian stock market updates
Indian stock markets snapped an 8-day losing streak and closed on a strong note on the first day of the month. The domestic markets gained due to the support from Asian markets, as sentiments were positive due to upbeat economic data from China.
The market breadth was very strong with the advance-decline indicating a ratio of 6:1 at the close with the active participation from mid and smallcap stocks. FIIs were the net sellers, they sold Rs 424.88 crore worth of shares while DIIs were the net buyers, they bought Rs 1498.66 crore on Wednesday.
News you should read before the trade setup for today 2 March
On Wednesday, the National Stock Exchange (NSE) announced that it has received approval from markets regulator Sebi to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment. NSE will soon announce the launch date for these contracts.
Crude oil prices were largely unchanged on Wednesday due to an ample supply of growing US crude oil inventories, which countered hopes for higher demand arising from the world’s top importer China The demand for crude oil is increasing in China after lifting its covid restrictions completely. The Brent crude is trading steady at $84.30 per barrel on Thursday early morning.
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