Trade Setup for Thursday: Stock Market Today (29 February 2024)
Trade Setup for Thursday, 29 Feb 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Market Indexes
Asian stock market indexes are trading mostly in the red on Thursday following losses from Wall Street. Investors are cautious ahead of the US PCE price index data, due later in the day, for more clues on the timings of interest rate cuts. Japan’s Nikkei trimmed some intraday losses and is lower by 0.36%, while Australia’s S&P ASX 200 is trading slightly lower by 0.09%.
South Korea’s Kospi index trimmed some early losses and is trading lower by 0.40%. The Shanghai index is trading higher by 0.71%, while Hang Seng is up 0.18%. The Strait Times is trading higher by 0.36%, while Taiwan erased early losses and trading flat to the positive at 7.10 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed lower on Wednesday, Nasdaq Composite declined the most as tech stocks struggled ahead of the inflation data. The key US stock market indexes, the Dow Jones Industrial Average ( DJIA) and S&P 500 index closed lower by 0.06% and 0.17% respectively, while the Nasdaq Composite index was down 0.55%.
The US GDP growth came at 3.2% annually in the fourth quarter revised a tick lower from the previous estimate of 3.3%, and a drop from 4.9% growth reported in the third quarter. The weaker GDP growth data ahead of the Fed’s preferred inflation gauge of the PCE price index is likely to influence the central bank’s interest rate outlook.
On the quarterly earnings front, Beyond Meat Inc. and eBay shares jumped over 30% and 7% respectively after better-than-expected quarterly earnings. Meanwhile, Urban Outfitters and online dating company Bumble slipped around 13% and 15% respectively on disappointing earnings.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Wednesday, as investors remain cautious ahead of inflation data to be announced on Thursday and weakness in the global markets. The pan-European Stoxx 600 index ended lower by 0.32% with most sectors in negative territory. Tech stocks led the losses, while auto stocks gained.
On the economic front, the eurozone sentiment indicator, which measures business and consumer confidence fell in February compared to the previous month. The consumer confidence data increased slightly but was offset by a sharp fall in business sentiment. On the corporate front, UK’s insurer DirectLine gained more than 23% on takeover news by Belgium’s Ageas.
The Key European stock market indexes CAC and DAX closed higher by 0.08% and 0.25% respectively, while the UK’s FTSE was down by 0.76% on Wednesday.
Indian stock markets
Indian stock market indexes ended with significant losses on Wednesday amid negative global cues. The domestic markets opened slightly higher and then slipped into the red. All sectoral indices closed in the red with media, PSU Bank, and realty falling the most. Nifty ended below 22000 levels on Wednesday.
The market breadth turned very weak with the advance decline indicating a 1:4 ratio at the close. FIIs were net sellers in the equity cash segments while DIIs were the net buyers. FIIs sold shares worth Rs 1879.23 crore while DIIs bought shares worth Rs 1827.45 crore.
Stock Market Today
The cues from US and Asian markets are negative today. On Wednesday, Git Nifty closed higher by 29 points and is currently trading marginally higher at 21963 levels. The indication from Gift Nifty is slightly positive, Indian stock market indexes are likely to open flat and will trade volatile.
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