Trade Setup for Thursday 9 March: Stock Market News

 

Trade setup for Thursday 9 March 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock market indexes are trading mixed on Thursday, as the Bank of Japan starts its two-day monetary policy meeting. Nikkei is trading higher by 0.52 percent, as investors hope for a dovish policy stance, meanwhile, the latest data showed Japan’s economy grew at a slower pace in Q4 2022. Shanghai and Heng Seng are trading flat at this moment at 7.25 am IST

SGX Nifty is trading slightly higher, up by 7 points or 0.04 percent at 17807 levels. The indication getting from the Asian market is mixed and looking for direction. The Indian stock market indexes are likely to open flat on a cautious note.

 

U.S. and European stock market indexes update

 

The US stock market indexes closed mixed after Fed Chairman Jerome Powell said on this second day of congressional testimony that the central bank was keeping options open about rate increases. The Dow Jones ended in the red as worries over the return of aggressive rate hikes amid the latest data showing a tight labor market

Treasury yields continued to rise following the previous session’s gains. Energy stocks dragged the most due to the fall in crude prices while tech stocks closed slightly higher and buying was witnessed mainly in semiconductor stocks. The key US market indexes S& P 500 and Nasdaq gained 0.14 percent and 0.40 percent respectively while Dow Jones closed lower by 0.18 percent on Wednesday.

European stock markets closed marginally higher on Wednesday as investors digested Powell’s hawkish comments on interest rate hikes. The pan-European Stoxx 600 provisionally closed higher by 0.12, after trading almost flat most of the session. Healthcare stocks led the losses while banking stocks advanced on Wednesday.

The key European stock market index, FTSE closed higher by 0.13 percent while Germany’s DAX gained 0.46 percent as the auto parts manufacturer Continental predicted rising sales would boost margins this year. CAC was down 0.20 percent at the close on Wednesday.

 

Indian stock market updates

 

Indian stock market indexes recovered smartly in the second half and made decent gains on Wednesday. The market sentiment was hit in the first half, as US Fed Chair Jerome Powell made hawkish comments regarding aggressive interest rate hikes in the next meeting. 

The market breadth was strong with the advance decline indicating a ratio of 3:2 at the close. FIIs were the net buyers in the equity cash segment, they bought Rs 3671.56 crore worth of shares while DIIs sold Rs 937 crore on Wednesday.

 

News you should read before the trade setup for today 9 March

 

According to the India Ratings analyst, India’s GDP growth for the fourth quarter is expected to be 4 percent, which means GDP growth for the full year FY23  could be lower than the government’s second estimate of 7 percent. The country’s economy grew at 13.2 percent in the first quarter and 6.3 percent in the second quarter and 4.4 percent in the Q3. In order to close the full fiscal with a 7 percent growth, the fourth quarter GDP should deliver at least a 4.1 percent growth.

 

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