Trade Setup for Thursday 20 April: Stock Market Today

 

Trade setup for Thursday 20 April 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 on Thursday, as investors digested more Wall Street earnings. Nikkei pared early losses and currently trading flat, as Japan’s trade deficit hit a record high in March. Hang Seng is also trading flat at this moment (7.15 am IST) while the Shanghai index is trading lower by 0.31 percent.

SGX Nifty is trading marginally higher by 30 points or 0.17 percent at 17684 levels. The indication getting from the SGX Nifty is slightly positive today. Indian stock market indexes are likely to open slightly higher and will remain volatile due to the weekly options expiry.

 

U.S. Stock Market Indexes update

 

The US stock market indexes closed mixed on Wednesday, as another busy day for corporate earnings got progressed. Dow Jones closed lower by 0.23 percent as investors weighed mixed quarterly results including Netflix. 

The tech-heavy Nasdaq gained only 0.03%, the upside remained capped as Meta Platforms fell around 1 after the social media company announced a fresh round of job cuts, to ramp up cost-cutting. S&P 500 closed almost flat down only 0.01% on Wednesday.

Meanwhile, financial stocks continued to perform after the rolling out of quarterly results, with regional banks as well as Morgan Stanley in focus. Energy Stocks dragged the broader markets, as oil prices declined on Wednesday even after the fresh data showed that the US weekly inventories fell more than expected last week.

 

European Stock Market Indexes Updates

 

European stock market indexes closed mixed on Wednesday after the latest data showed that the UK’s retail inflation fell less than expected in March. The UK’s FTSE closed lower by 0.14%, as investors are now betting on 25 bps rate hikes from the Bank of England.  

Earlier markets opened in the red as US Fed officials made a hawkish comment about interest rate hikes. The French cosmetics company L’Oreal reported a 13% rise in Q1 sales, beating expectations. CAC was closed slightly higher by 0.21% on Wednesday.

Germany’s DAX closed 0.08 percent higher on Wednesday as gains in the Food and Beverages, Insurance, and Utilities sectors gained the most while Construction, Technology, and Software sectors ended in the red.

 

Indian stock market updates

 

Indian stock market indexes ended with minor cuts on Wednesday amid weak cues from Asian markets. The domestic markets declined for the third consecutive session on selling in IT and Banks, however, metal shares witnessed some buying. 

The market breadth was almost flat with the advance-decline indicating a neutral ratio at the close. The FIIs and DIIs were the net sellers in the equity cash segments. FIIs offloaded Rs 13.17 crore while DIIs sold Rs 110.42 crore shares on Wednesday.

 

Q4 Results Today

 

HCL Technologies and ICICI Prudential Life Insurance Company will be in focus ahead of quarterly and full-year earnings on April 20. Cyient, Sterling, and Wilson Renewable Energy, Bodhi Tree Multimedia, Orient Green Power Company, Oriental Hotels, Rajnish Wellness, and Reliance Industrial Infrastructure will announce their Q4 results on 20 April, Thursday.

 

News you should read before the trade setup for today 20 April

 

According to the data released by the Gem & Jewellery Export Council (GJEPC) India’s Gems and Jewellery, exports grew 2.48% on YoY in FY2022-23 to Rs 3,00,462.52 crore. The exports increased despite inflation in the United States, the Russia-Ukraine war, and the lockdown in China for almost six months.

The crude oil prices fell more than 2 percent on Wednesday, as the dollar index gained due to Fed’s rate hike fear. The Brent crude is trading marginally lower by 0.18 percent at $82.75 per barrel on Thursday’s early trade. 

 

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Happy Investing!!

Editor’s Desk