Trade Setup for Tuesday 18 July: Stock Market Today

 

Trade setup for Tuesday 18 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 mostly lower on Tuesday, as investors are looking ahead to more economic data later this week and big corporate earnings from Wall Street. Japan’s Nikkei is trading higher by 0.36 percent, resumed its trading after a long weekend. 

Shanghai and Kospi are trading lower by 0.42 percent and 0.53 percent respectively. Hang Seng also resume trading on Tuesday after its sessions were suspended on Monday due to Typhoon, the index is trading lower by 1.97 percent. Gift Nifty is trading slightly lower by 11 points or 0.06 percent at 19768 levels at 7.15 am IST.

The indication getting from the Asian stock market indexes is slightly negative. Indian stock market indexes are likely to open in green but traders should remain cautious.

 

U.S. Stock Market Indexes update

 

The US stock market indexes extended early gains and closed higher on Monday, as investors are awaiting more quarterly results from banking and other heavyweight corporates later this week. Financial stocks rallied ahead of the quarterly earnings from BoA, Morgan Stanley, and Goldman Sachs later this week, as investors have big expectations after solid results announced by JP Morgan and Wells Fargo.

Tech stocks lead the gains as Apple and semiconductor stocks including NVIDIA gained due to  AI-driven optimism ahead of tech results. Tesla also gained more than 3 percent as the company started production of Cybertruck in Texas. However, the telecom stock AT&T declined around 6 percent after Citi downgraded the stock.

The US stock market indexes Dow Jones and S&P 500 gained 0.22 percent and 0.39 percent respectively while the tech-heavy Nasdaq was up by 0.93 percent on Monday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed lower on Monday, due to disappointing economic data from China raised concern about demand from the world’s second-largest economy. On the earning front, Luxury Swiss retailer Richemont declined over 10 percent after its sales figures showed a slowdown in U.S. demand, despite a rebound in Asia.

The pan-European STOXX 600 index closed 0.6 percent lower on Monday. The personal and household goods index, housing luxury firms, was the biggest sectoral loser in the region. The major European stock market indexes, CAC and DAX were down by 1.14 percent and 0.23 percent respectively while UK’s FTSE was down by 0.38 percent on Monday.

 

Indian Stock Market Indexes

 

Indian stock market indexes made significant gains on Monday and closed near the day’s high. The domestic markets closed at a new high on the back of a rally in Banking and Financial stocks. The market sentiments become upbeat after the better-than-expected HDFC quarterly earnings.

The market breadth was once again strong with the advance decline indicating a 2:1 ratio at the close. FIIs and DIIs both were the net buyers in the Indian equity cash segment, FIIs bought shares worth Rs 73 while DIIs bout Rs 64.34 crore.

 

Quarterly Earnings (Q1FY24)

 

IndusInd Bank, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, JSW Ispat Special Products, L&T Technology Services, Bharat Bijlee, CIE Automotive India, HeidelbergCement India, Network18 Media & Investments, Polycab India, TV18 Broadcast, Himadri Speciality Chemical, Lotus Chocolate, and Mudra Financial Services will announce their Q1FY24 quarterly earnings on 18 July.

 

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Happy Investing!!

Editor’s Desk