Trade Setup for Tuesday: Stock Market Today (19 March 2024)

 

Trade Setup for Tuesday, 19 March 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 trading in the red on Tuesday ahead of the Central Bank’s interest rate decision from Japan and Australia. The Bank of Japan is likely to end the 17-year-old negative interest rates policy and raise its rate to 0% from -0.1%. Japan’s Nikkei 225 index is trading lower by 0.64%. 

Australia’s S&P ASX 200 index is trading slightly lower by 0.2% as investors are awaiting the Reserve Bank of Australia’s (RBA’s) interest rate decision. South Korea’s Kospi index is trading lower by 1.26%. Shanghai and Hang Seng are trading lower by 0.23% and 0.98% respectively. The Straits Times is trading flat on the positive note while Taiwan is trading in the negative territory at 7.20 am IST.

 

U.S. Stock Market Indexes Updates

 

On Monday, the US stock market indexes closed higher as key indices recovered some of the previous session losses ahead of the Federal Reserve’s meeting. The two-day Fed meeting will kick off on Tuesday and as widely expected, interest rates will be unchanged but projections of rate cuts particularly after last week’s red-hot inflation data will be important.

On the corporate front, shares of Alphabet gained more than 4% as the company is in talks with Apple to integrate Gemini’s AI engine into its iPhones. The share price of Tesla jumped more than 6% after the electric vehicle maker said it would hike the prices of its Model Y EVs in some European countries by about 2000 euros this week.

The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index gained 0.20% and 0.63% respectively, while the tech-heavy Nasdaq gained 0.82% on Monday.

 

European Stock Market Indexes Updates

 

European stock market indexes gave up early gains on Monday. The indexes closed in the red with little changes on Monday, as global investors remain cautious about the US Fed monetary policy meeting later this week. On the economic front, the eurozone, inflation was confirmed at 2.6% in February, down from 2.8% in January. Meanwhile, the annual inflation was 2.8% in February 2024, down from 3.1% in January and 9.9% in 2023, according to Eurostat.

In corporate news, the shares of LPP rebounded from last week’s crash after Hindenburg’s critical report, the shares jumped more than 20% due to a buy recommendation from Citibank. The shares of Alstom gained 8% after the company awarded a contract for a metro line in the city of Porto in Portugal.

The pan-European Stoxx 600 index closed lower by 0.10%, with Telecom stocks falling the most with auto stocks gained. The key European stock market indexes CAC closed lower by 0.20%, while DAX ended edged lower by 0.02%. The UK’s FTSE was down by 0.06% on Monday

 

Indian stock markets

 

Indian stock markets closed marginally higher on Monday amid volatility. The domestic market indexes opened in the red following weak global cues and rebounded in the second half. The local markets got support from the other Asian markets and ended in the green. 

The market breadth was almost flat, with the advance decline indicating a neutral ratio at the close. FIIs were the net sellers, they offloaded shares worth Rs 2051.09 crore in the Indian equity cash segments, while DIIs were the net buyers they acquired shares worth Rs 2260.88 crore.

 

Stock Market Today

 

The cues from US markets are positive, while Asian indices are trading in the red ahead of the Central Bank’s interest rate decision from Japan and Australia. Gift Nifty closed lower by 39 points on Monday and is trading 40 points down at 22056 level. The indications from the Asian markets and Gift Nifty are slightly negative today. The Indian stock markets are likely to open slightly lower. The trend in Asian markets may change after BoJ’s interest rate decision scheduled around 8.30 am IST.

 

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Editor’s Desk