Trade Setup for Thursday 28 July 2022: Stock Market News
Trade setup for Thursday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 28, 2022
Asian markets are mostly trading higher on Thursday, tracking positive cues from the US markets. Nikkei and Hang Seng are trading flat at this moment while Shanghai is trading higher by 0.26 percent at 7.20 am IST. The SGX Nifty is trading higher by 98 points or 0.59 percent at 16760 levels.
The indication getting from the Asian markets is positive, Indian stock markets are likely to open a gap-up today, and the Nifty may open above16750 levels.
The US and European market indexes update
The US stock market indexes rallied on Wednesday as the Federal Reserve raised the interest rate by 75 basis points as expected and comments from Fed Chairman Jerome Powell reassured investors. The Treasury yields slipped after it will likely become appropriate to slow the pace of interest rate increases. In the morning deals, the markets were trading higher, as sentiments were boosted by quarterly earnings and corporate news.
The US market indexes, Dow Jones and S&P gained 1.37 percent and 2.62 percent respectively while Nasdaq posted its biggest daily percentage gain by 4.06 since April 2020.
European market indexes gained on Wednesday and closed near a seven-week high. A set of strong quarterly earnings from corporates including Russia-exposed lenders and corporate news provided some comfort to the investors in a gloomy environment.
Some support also got from the upbeat outlook from Microsoft Corp and strong ad sales growth by Google parent Alphabet. European market indexes, FTSE and DAX gained 0.57 percent and 0.53 percent respectively while CAC jumped 0.75 percent on Wednesday.
Indian stock market updates
Indian stock markets snapped 2-day losing streak and closed higher on Wednesday. The benchmark indices, Sensex and Nifty gained 0.99 percent and 0.96 percent respectively ahead of US Fed’s crucial policy outcome. The market breadth was quite strong with the advance-decline indicating a ratio of 3:2 at the close. FIIs were the net sellers and DIIs were net buyers in the equity cash segment. FIIs sold Rs 436.81 crore while DIIs bought Rs 712.03 crore on Wednesday.
Today’s Q1 Earnings
Dr. Reddy’s Laboratories, Nestle India, SBI Life Insurance Company, Shree Cement, Jubilant FoodWorks, Vedanta, Bajaj Finserv, Punjab National Bank, Chalet Hotels, Equitas Small Finance Bank, CMS Info Systems, Mahindra & Mahindra Financial Services, PNB Housing Finance, SBI Cards, and Payment Services, TVS Motor Company, Shriram Transport Finance, GHCL, AAVAS Financiers, Intellect Design Arena, Dr. Lal PathLabs, Motilal Oswal Financial Services, etc will announce their quarterly earnings today.
News you should read before the trade setup for Thursday 28 July 2022.
On Wednesday, the government informed parliament that as the geopolitics tension persists, it elevates the global commodity prices including crude oil. The CAD ( Current Account Deficit) of net commodity importers including India continued to remain under stress.
The CAD in the Balance of Payments (BOP) changed from a surplus of 0.9% of GDP in 2020-21 to a deficit of 1.2% in 2021-22 on the back of rising economic activity in India as the nation completed its economic recovery from the pandemic induced contraction of GDP.
The crude oil prices are trading higher on Thursday, extending gains from the previous session. The bounceback in oil prices is due to lower crude inventories and higher gasoline demand in the United States. The Brent crude oil which was trading below $100 per barrel is now trading above $103 on Thursday morning.
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