Trade Setup for Thursday: Stock Market Predictions Today (9 Nov 2023)

 

Trade Setup for Thursday

 

Trade Setup for Thursday, 9 Nov 2023: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Markets

 

Asian stock market indexes are trading higher on Thursday as China’s CPI inflation dropped -0.2% in October, more than expected, while the Producer Prices Index dropped -2.6%, a slightly better-than-expected decline of 2.7%. Japan’s Nikkei is trading higher by 0.68% after the index fell on Wednesday. Australia’s S&P ASX 200 also added 0.65%.

South Korea’s Kospi traded 0.23% higher after a sharp fall of 3.4% in the previous two sessions, Kospi gained about 5% on Monday due to a ban on short selling. Shanghai is trading 0.09% higher while Hang Seng is trading lower by 0.17%. Elsewhere, the Straits Times is trading higher while Taiwan is in the red at 7.25 am IST.

 

U.S. Stock Market Indexes Updates

 

US stock market indexes closed mixed on Wednesday, as investors assessed more corporate earnings and a fall in energy stocks due to a decline in crude prices. Dow Jones Industrial Average (DJIA) closed lower by 0.12% snapping a seven-day winning streak, while S&P and Nasdaq gained 0.10% and 0.8% respectively for the eighth and ninth consecutive day on Wednesday. 

Fed Chair Jerome Powell appeared at the Federal Reserve’s Division of Research and Statistics centennial conference but didn’t comment on the monetary policy or economic outlook. Meanwhile, the 10-year Treasury yield ended lower at 4.511%, which closed at 4.568% on Tuesday.

Utilities and energy stocks fell sharply, energy stocks were down due to falling oil prices after a surge in US crude inventories and worries about softer global energy demand.

On the earning front, Robinhood Markets Inc. fell about 14% after reporting mixed third quarterly results as revenue fell short of estimates. eBay Inc. was down 2% after the e-commerce platform’s third-quarter results beat Wall Street estimates, but the guidance was softer than expected.

 

European Stock Market Indexes Updates

 

European stock markets pared intraday losses and closed higher on Wednesday, as investors assessed economic data released in the region and more corporate earnings. On Wednesday, the fresh inflation data in Germany released by the Federal Statistical Office (Destatis) showed that consumer prices in Germany rose 3.8% in October as compared to the same period in the previous year.

Earlier, Eurostat showed the retail trade data in the eurozone fell 0.3% in September. In addition to this, the consumer inflation expectation in the eurozone for the next 12 months rose to 4% in September from 3.5% reported in August, according to the latest survey by the ECB.

The pan-European Stoxx 600 index gained 0.30% at the close, with Auto and Retail gaining the most while Utilities shares declined. Commerzbank, Credit Agricole, Marks and Spencer closed higher after reporting their quarterly earnings while Telefonica, Adidas, and ABN Amro closed lower after the earnings. 

The key European indexes, CAC and DAX gained 0.68% and 0.51% while the UK’s FTSE was down 0.11% on Wednesday.

 

Indian Stock Market Indexes

 

Indian stock markets closed slightly higher on Wednesday amid mixed global cues. The domestic markets opened higher and trimmed most of their gains soon after opening and traded a range-bound session. Traders remained cautious after a Fed official made hawkish remarks overnight, and were waited for Fed Chair Jerome Powell’s speech later in the day. 

The market breadth was positive with the advance decline indicating a ratio of 5:3 at the close. FIIs were the net sellers in the Indian equity markets, they offloaded shares worth Rs 84.55 crore while DIIs were the net buyers in the equity cash segments, they bought shares worth Rs 524.47 crore.

 

Q2 Earnings

 

Adani Ports and Special Economic Zone, Aurobindo Pharma, Bosch, ABB India, Zee Entertainment Enterprises, Aditya Birla Fashion and Retail, Apollo Hospitals Enterprise, Ashok Leyland, Muthoot Finance, NALCO, Page Industries, Rail Vikas Nigam, Bajaj Consumer Care, Engineers India, GlaxoSmithKline Pharmaceuticals, IRM Energy, Lemon Tree Hotels, Samvardhana Motherson International, Sula Vineyards, and Torrent Power will release quarterly earnings scorecard on November 9

 

Stock Market Prediction Today

 

Gift /SGX Nifty is trading higher by 23 points or 0.12% at the 19524 level. The indications from the US and Asian markets are positive today. The Indian stock markets are likely to open in the green and trade positively.

 

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Happy Investing!!

Editor’s Desk