Trade Setup for Tuesday 18 April: Stock Market Today
Trade setup for Tuesday 18 April 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 Tuesday, as investors are on a cautious note ahead of the key economic data from China. The major Asian index, Hang Seng is trading lower by 0.54 percent, while the Shanghai index is trading flat at this moment. Japan’s Nikkei is trading higher by 0.47 percent tracking the gains from Wall Street overnight.
SGX Nifty is trading lower by 25 points or 0.14 percent at 17738 levels. The indication getting from the Asian markets is slightly negative at this moment, as traders are awaiting China’s economic data, which will release shortly. Indian stock market indexes are likely to open on a cautious note today.
U.S. Stock Market Indexes update
The U.S. stock market indexes closed higher on Monday, as banking stocks rallied after the upbeat quarterly result. Financials stocks gained more than 1% as banking stocks mostly announced upbeat quarterly results. Charles Schwab gained 4% while Alphabet slipped 2% on Monday.
The U.S. stock market indexes, Dow Jones and S&P 500 ended higher by 0.30 percent and 0.33 percent respectively while Nasdaq gained 0.28 percent on Monday. The upside remains capped in tech stocks due to a jump in Treasury yields amid growing fears about another interest rate hike in May, although, 25 bps rate hikes are already priced in, according to the Fed rate monitor tool.
European Stock Market Indexes Updates
European stock markets closed mixed on Monday despite the positive corporate takeover news. Investors were cautious ahead of more earnings from Wall Street and China GDP data which is due on Tuesday. Investors also kept a close eye on the UK’s CPI reading which is due on Wednesday.
The pan-European Stoxx 600 index ended flat, erasing slight gains from earlier in the session. Travel and leisure stocks gained followed by mining stocks. Meanwhile, insurance and financial services stocks dropped on Monday. The key European stock market index FTSE was up 0.10 percent while CAC and DAX fell 0.29 percent and 0.11 percent respectively.
Indian stock market updates
Indian equity markets closed lower on Monday, snapping a 9-day winning streak. The market sentiments were hit due to the lower-than-expected corporate earnings announcement made by the IT major Infosys. Infosys was the top loser on Monday, slipping more than 11% intraday.
The market breadth was almost neutral on Monday. Foreign investors were the net sellers, they offloaded Rs 533.20 crore worth of shares while Domestic Institutional investors were net buyers, they bought Rs 269.65 crores on Monday.
Q4 Results Today
ICICI Lombard General Insurance Company, Tata Coffee, Schaeffler India, CRISIL, Seacoast Shipping Services, Accelya Solutions India, Oriental Rail Infrastructure, and Vivanta Industries will announce their Q4 results on 18 April, Tuesday.
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