Trade Setup for Tuesday: Stock Market Today (13 February 2024)
Trade Setup for Tuesday, 13 Feb 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Market Indexes
Asian stock market indexes are mostly trading higher on Tuesday, as some traders returned to the trading floor after the Lunar New Year holiday. Japan’s Nikkei 225 is up 1.96% as the country’s corporate goods price index rose more than expected, the index breached the 37000 mark and is trading at a 34-year high.
Australia’s S&P ASX 200 index is trading lower by 0.14% for the third consecutive day. South Korea’s Kospi and Straits Times are trading higher by 1.20% and 0.06% respectively, as traders are back after a holiday.
U.S. Stock Market Indexes Updates
The US stock market indexes ended mixed on Monday. The Dow Jones closed at a record high led by energy stocks ahead of the inflation data, while S&P 500 and Nasdaq finished in the red. Diamondback Energy rose over 9% after acquiring private natural resource company Endeavor Energy for $26bn, this helped to push other energy stocks higher.
The sentiments were slightly downbeat as Fed officials continued to signal that early rate cuts are impossible. On Monday, Federal Reserve Governor Michelle Bowman said she doesn’t think the Fed to cut rates “in the immediate future” as tight monetary policy is likely to continue to keep inflation trending lower.
Investors are now looking ahead to the inflation data due on Tuesday, for more clues on the timings of rate cuts. The key US stock market index, Dow Jones Industrial Average (DJIA) closed higher by 0.33%, while the S&P 500 and Nasdaq Composite ended lower by 0.09% and 0.30% respectively.
European Stock Market Indexes Updates
European stock market indexes closed higher on Monday, as investors assessed fresh corporate earnings and comments from ECB’s Panetta. Investors will have close eyes on US and UK inflation data for more clues on the timing of interest rate cuts. The market sentiments were positive, as traders were encouraged after Bank of Italy governor Fabio Panetta’s weekend comments suggesting that the ECB needs to reverse its monetary tightening soon.
The share price of Food delivery company Just Eat Takeaway gained the most, up 8.78% after Deutsche Bank raised its target price. Swedish defense company share Saab gained above 5% after reporting strong fourth-quarter results.
The pan-European Stoxx 600 index closed higher by 0.54% with almost all sectors ending in the positive territory, while the retail sector gained the most. The key European stock market indexes, CAC and DAX closed higher by 0.55% and 0.65% respectively, while the UK’s FTSE was up by 0.01% on Monday.
Indian stock markets
Indian stock markets ended with substantial losses on Monday. The domestic markets opened slightly higher as indicated by the Gift Nifty and immediately slipped below their neutral lines. Sensex and Nifty extended losses as the session progressed on the bank of selling in PSU banks, media, and realty stocks.
The market breadth was negative with the advance decline indicating a 1:3 ratio at the close. FIIs and DIIs both were net buyers in the equity cash segments. FIIs bought shares worth Rs 126.60 crore, while DIIs acquired shares worth Rs 1711.75 crore.
Quarterly Earnings for Today
Eicher Motors, Hindalco Industries, Siemens, Zee Entertainment Enterprises, IRCTC, Bharat Heavy Electricals, Bosch, National Aluminium Company, Info Edge India, NBCC, Oil India, Gujarat Gas, Indiabulls Real Estate, Innova Captab, INOX India, Medi Assist Healthcare Services, Rashtriya Chemicals & Fertilizers, and Sula Vineyards, will announce their quarterly earnings along with 550+ companies on Tuesday.
Stock Market Today
The global cues are mixed today. Gift Nifty closed 58 points higher on Monday after the release of domestic economic data and currently trading 24 points lower at 21736. The indication from Gift Nifty is slightly positive today. Indian stock market indexes are likely to open in the green but will remain volatile.
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News you should read before the trade setup for today, 13 Feb 2024
India’s retail inflation declined to 5.10% in January from 5.69% reported in December, as per Reuter’s poll of 44 economists the expectation was 5.09%. Separately, data showed the country’s December 2023 IIP growth at 3.8% as against 2.4% in November 2023. India’s April-December 2023 IIP growth stood at 6.1% as compared to 5.5% in April-December 2022.
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Editor’s Desk
