Trade Setup for Tuesday: Stock Market Today (20 February 2024)
Trade Setup for Tuesday, 20 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 in the red on Tuesday, as investors assessed China’s Central Bank’s decision on its key interest rate. The People’s Bank of China cut the benchmark five-year loan prime rate for the first time since June and left the one-year tenure unchanged.
Japan’s Nikkei 225 bounced back after a pause in the previous session and is trading up by 0.17%. Australia’s S&P ASX 200 index is trading marginally lower by 0.20%. South Korea’s Kospi index is down by 0.86%. China’s Shanghai index is trading lower by 0.22%, while Hang Seng is trading marginally lower by 0.41%. The Straits Times and Taiwan are trading higher at 7.15 am IST.
U.S. Stock Market Indexes Updates
The US stock markets were closed on Monday on account of the Presidents Day holiday. On Friday, the major indexes closed lower as the country’s producers price index came hotter than expected, fading the hope of early interest rate cuts by the Federal Reserve.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Monday, trimming their early losses. The pan-European Stoxx 600 index pared early losses and closed slightly higher by 0.17%, with mining stocks leading the losses while healthcare stocks closed higher.
The share price of Astra Zeneca gained 2.62% following the US Food and Drug Administration’s approval to combine the company’s highly successful cancer medication Tagrisso with chemotherapy for the treatment of a specific form of lung cancer. The shares of the Swiss software company Temenos jumped by 8.8%, recovering from significant losses incurred towards the end of the last week, triggered by a damning report from the short-seller Hindenburg Research.
The key European stock market index, CAC closed flat to the positive note, while DAX ended slightly lower by 0.15%. The UK’s FTSE was up by 0.22% on Monday.
Indian stock markets
Indian stock market indexes closed higher for the fifth trading session on Monday. The local markets opened higher as indicated by the Gift Nifty despite mixed global cues and slipped into red. However, markets recovered immediately on the back of buying in Pharma and FMCG stocks.
The market breadth was positive with the advance-decline indicating a 2:1 ratio at the close. FIIs were the net sellers in the Indian equity cash market segments, while DIIs were the net buyers. FIIs sold shares worth Rs 754.59 crore, while DIIs acquired shares worth Rs 452.70 crore on Monday.
Stock Market Today
The cues from Asian markets are slightly negative today. The Gift Nifty closed 8 points higher on Monday and is trading almost flat at the 22175 level. According to the indication from the Asian markets and Gift Nifty, Indian stock market indexes are likely to open slightly higher and are expected to trade sideways.
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Editor’s Desk
