Trade Setup for Thursday 6 July: Stock Market Today

 

Trade setup for Thursday 6 July 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

 

Asian Stock Markets

 

Asian stock market indexes are trading lower on Thursday tracking the negative cues from the US stock markets overnight. The key Asian market indexes, Nikkei, Hang Seng, Shanghai, and Kospi are trading lower by 1.17 percent, 1.15 percent, 0.14 percent, and 0.22 percent respectively at 7.10 am IST. 

Gift Nifty is also trading lower by 33 points or 0.17 percent at the 19479 level. The indication getting from the Asian and other global stock markets is negative today. Indian stock market indexes are likely to open on a cautious note and remain volatile due to the expiry of weekly index options on the NSE.

 

U.S. Stock Market Indexes update

 

The US stock market indexes closed lower on Wednesday, as the minutes of the Fed’s last meeting showed almost all members supported resuming rate hikes in the upcoming meeting as inflation is above Fed’s target. The market sentiments were also downbeat as China’s services sector expanded lower than expected.

However, the rally in big tech stocks like Meta, and Google supported the broader markets to cut some early losses. The share price of Meta gained above 3% to a 52-week high ahead of its launch of the “Twitter-Killer” Threads app on Thursday. The share price of General Motors Company advanced more than 1% after the company reported its second-quarter sales accelerated.

The key US stock market indexes, Dow Jones and S&P 500 declined 0.38 percent and 0.20 percent respectively while the tech-heavy Nasdaq was down 0.18 percent on Wednesday. 

 

European Stock Market Indexes Updates

 

European stock markets closed lower on Wednesday, as investors assessed the latest service activity data released in China and Europe. China’s service activity data slowed for the fifth month in a row in June. While eurozone services activity data came tick lower in the month of June, as compared to May.

S&P Global said the economy “ground to a halt” as support from service sector growth decreased, despite easing inflationary pressures. Some cautiousness was seen ahead of the minutes of the FOMC’s last meeting, as investors are awaiting clues on the path of interest rate hikes by the Fed.

The pan- European Stoxx 600 index fell 0.79 percent on Wednesday. The key Europen stock market indexes CAC and DAX declined 0.81 percent and 0.64 percent respectively while UK’s FTSE was down by 1.04 percent on Wednesday.

 

Indian Stock Market Indexes

 

Indian stock markets traded range bound on Wednesday and closed flat. The equity benchmarks traded near the flatline in most parts of the sessions. In the absence of any cues from Wall Street, the weak cues from Asian markets impacted the domestic markets on Wednesday. Asian stock markets tarded negatively as Chinese services activity grew at the slowest pace in five months. 

The market breadth was positive as the advance decline indicated a ratio of 2:1 at the close. FIIs were the net buyers in the equity cash segments, they bought shares worth Rs 1603.15 crore while DIIs sold shares worth Rs 439.01 crore.

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Editor’s Desk