Trade Setup for Thursday 3 Nov: Stock Market News

 

Trade setup for Thursday 3 Nov– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian markets are trading lower on Thursday tracking negative cues from Wall Street. Japan’s Nikkei index is not trading today due to a holiday. Heng Seng and Shanghai are trading lower by 1.68 percent and 0.25 percent respectively. SGX Nifty is also trading lower by 148 points or 0.82 percent at 18014 levels.

The indications getting from the Asian and US markets are negative. The Indian stock market indexes are likely to open a gap-down and would trade volatile today. Nifty may open around 18000-18050 levels

 

The US and European market indexes update

 

The US stock market indexes fell sharply after the Federal Reserve policy outcome on Wednesday. The initial optimism was shattered after the central bank raised interest rates by 75 basis points but indicated that smaller rate hikes may be on the card to fight against inflation.

The US equity benchmarks Dow Jones and S&P500 fell 1.55 and 2.50 percent respectively while Nasdaq was down by 3.36 percent on Wednesday.

European stock market indexes erased early gains and closed lower on Wednesday, as investors exercised some caution ahead of the US Federal reserve’s interest rate decision. The market sentiments were downbeat as the latest data showed a decline in eurozone manufacturing activity sharper than initially estimated last month, indicating that the sector is in recession.

The pan-European Stoxx 600 index declined 0.3% and snapped a three-day winning streak. The European equity benchmarks, FTSE and DAX fell 0.58 percent and 0.61 percent respectively while CAC was down by 0.81 percent on Wednesday 

 

Indian stock market updates

 

Indian stock market indexes closed with modest cuts on Wednesday amid weak global cues. Traders remained cautious ahead of the US Fed interest rate hike decision. The benchmark indices, Sensex and Nifty end lower by 0.35 percent and 0.34 percent respectively. FIIs were the net buyers in the equity cash segment, they bought Rs 1436.30 crore worth of shares while DIIs sold Rs1378.12 crore on Wednesday 

 

FY23 Second Quarterly Results Today

 

HDFC, Hero MotoCorp, Hindustan Petroleum Corporation, Vodafone Idea, Adani Enterprises, Ajanta Pharma, Amara Raja Batteries, Adani Total Gas, Adani Wilmar, Bank of India, Blue Star, Coromandel International, Devyani International, Indian Bank, JK Lakshmi Cement, Raymond, SRF, and Welspun Corp will announce their quarterly results today

 

News you should read before the trade setup for today 3 Nov  

 

The president of PHD Chamber of Commerce and Industry said that the series of efforts taken by the government and RBI have significantly impacted the escalation in the WPI inflation. The Wholesales price index (WPI) inflation has softened to 10.7 percent in September 2022 from its record high of 16.2 percent in June 2022.

PHDCCI further said that the deceleration in the WPI inflation will continue and it will have a significant impact on the price correction in the retail inflation, CPI inflation is expected to come below 6 percent by December 2022.

The crude oil prices gained more than 1 percent on Wednesday before an expected rate hike by the US Fed. The tight supply and ease of covid restriction news in China from next year also boosted the demand for oil prices. The Brent crude oil price closed at $95.63 per barrel on Wednesday and is trading flat at  $95.60 per barrel on Thursday morning.

 

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