Trade Setup for Thursday 4 August 2022: 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 August 4, 2022
Asian stock market indexes are trading higher on Thursday tracking positive cues from Wall Street overnight. Nikkei and Hang Seng are trading higher by 0.55 percent and 2 percent respectively while Shanghai is also trading in optimistic mode, up 0.49 percent at 7.20 am IST. SGX Nifty is trading higher by 64 points or 0.37 percent at 17504 levels.
Asian markets are trading strong on Thursday, and Indian markets are likely to open higher today. Nifty may open around 17500 levels today.
The US and European market indexes update
The US stock market indexes rose sharply and the Treasury yields touched two weeks high on Wednesday due to strong economic data, upbeat earnings, and easing geopolitical concerns boosted investor risk appetite.
The fresh economic data released on Wednesday showed better than expected services activity and a robust increase in factory orders, suggesting the US economy is in good shape even after hawkish monetary policy by the central bank. The key US market indexes, Dow Jones and S&P 500 gained 1.29 percent and 1.56 percent respectively while Nasdaq jumped 2.59 percent on Wednesday.
European stock market indexes closed higher on Wednesday due to upbeat quarterly earnings from companies offset some fears of an economic slowdown following weak business activity and retail sales data. European markets were down on Tuesday due to weak factory data and geopolitical tension between the US and China.
The STOXX 600 gained 0.50 percent, recovering its losses from the past two trading sessions. The European stock market key indexes CAC and DAX gained 0.97 percent and 1.03 percent respectively while FTSE was up by 0.49 percent on Wednesday.
Indian stock market updates
Indian stock markets rebound in the last hour and closed positive near the day’s high on Wednesday. The benchmark indices, Sensex and Nifty gained 0.37 percent and 0.25 percent respectively. The market breadth was slightly on the negative side with the advance decline indicating a ratio of 3:4 at the close. FIIs were the net buyers and DIIs were the net sellers in the equity cash segment. FIIs bought Rs 765.17 crore while DIIs sold Rs 518.42 crore on Wednesday.
Today’s Q1 Earnings
Britannia Industries, GAIL India, Adani Enterprises, LIC Housing Finance, Dabur India, Alembic Pharmaceuticals, Adani Total Gas, Edelweiss Financial Services, Glenmark Life Sciences, Gujarat State Petronet, ICRA, Kalpataru Power Transmission, Aarti Surfactants, Aptech, Balkrishna Industries, Balrampur Chini Mills, BEML, Berger Paints India, Bharat Heavy Electricals, Blue Star, Container Corporation of India, Dalmia Bharat, Kalyan Jewellers India, Krsnaa Diagnostics, Manappuram Finance, etc will announce their quarterly earnings today
News you should read before the trade setup for Wednesday 3 August 2022.
The country’s retail inflation for the month of July is likely to fall to its lowest level in five months due to a decline in food prices as well as lagged effect of a cut in fuel taxes, said Barclays on Wednesday.
The foreign bank expects July inflation at 6.65 percent over a year ago period, as compared to 7.01 percent in June and a nearly eight-year high of 7.79 percent in April. The country’s retail inflation data for the month of July is due on 12 August.
According to government data showed, the country’s foreign direct investment to GDP product ratio eased to 2.7% in the fiscal year ending March 31 2022 from 3.1% in the previous financial year. The FDI to GDP ratio indicates the country’s fund inflow as compared to its GDP and it was 2.3 percent in 2018.
The crude oil prices dropped 3 percent on Wednesday, losses accelerated after US data showed crude and gasoline stockpiles unexpectedly surged last week after OPEC+ said it would raise its oil output target by just 100000 barrels per day. On Thursday early morning at 7 am IST, the brent crude October future is trading slightly higher at $97.56 per barrel.
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