Trade setup for Tuesday 11 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 markets are trading higher on Tuesday tracking gains from Wall Street overnight. Nikkei and Kospi are trading higher by 0.50 percent and 1.22 percent respectively, snapping a 6-day losing streak. Hang Seng and Shanghai extended their previous session gain and are trading higher by 0.75 percent and 0.08 percent respectively.
Gift Nifty is also trading higher by 28 points or 0.14 percent at 19484 levels at 7.05 am IST. The indications getting from the Asian markets are positive. Indian stock market indexes are likely to open in the green territory and trade above their flatline today.
U.S. Stock Market Indexes update
The US stock markets started the week on a positive note on Monday after last week’s fall. Investors are looking ahead to the key inflation data due later this week, which is expected to cool down further ahead of the Fed’s July meeting. The yields on the 10-year-old Treasury note declined to 4.01% from 4.06% on Monday.
Nasdaq was initially traded lower as big tech stocks like Alphabet and Microsoft declined but later managed to close in the green in the last hour as Meta gained after its “Threads app” surpassed 100M subscribers within 5 days. The US stock market indexes Dow Jones and S&P 500 gained 0.62 percent and 0.24 percent respectively while tech-heavy Nasdaq was up 0.18 percent on Monday.
European Stock Market Indexes Updates
European stock market indexes ended with decent gains on Monday, as investors digested low inflation data from China and looked ahead to key U.S. inflation data and corporate earnings later during the week. The key indexes pared their early losses and turned green in the morning session.
The share price of British financial services firm OSB Group advanced more than 7% partially paring Friday’s sharp losses, while Just Eat takeaway also gained above 5% on Monday. Travel and Leisure stocks lead gains while mining stocks ended lower on Monday.
The pan-European Stoxx 600 index erased its opening losses of around 0.3% and gained 0.2%. The key European stock market indexes, CAC and DAX gained 0.45 percent each while UK’s FTSE was up by 0.23 percent on Monday.
Indian Stock Market Indexes
Indian stock market indexes started the week on a positive note amid volatility. The equity benchmarks traded above their flatline throughout the day following gains from Asian markets. Reliance closed 3.85% higher and hit a 52-Week high at Rs 2756 per share on NSE after the company fixed the record date for the Jio Financial demerger lifted the market mood on Monday.
However, the market breadth was slightly negative with the advance decline indicating 4:5 at the close. FIIs were the net buyers, they bought RS 588.48 crore with shares in the Indian equity cash segments while DIIs offloaded Rs 288.38 crore on Monday.
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