Trade Setup for Tuesday 21 Feb: Stock Market News

 

Trade setup for Tuesday 21 Feb 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 mostly trading mixed on Tuesday, as investors await regional flash PMI data. Japan’s Nikkei is trading lower by 0.17 percent as Japan’s Service activity expanded but manufacturing activity contracted at the fastest pace, as per flash PMI data. Hang Seng and Shanghai are trading higher by 0.18 percent and 0.33 percent respectively at 7.15 am IST.

SGX Nifty is trading almost flat, up by 5 points or 0.03 percent at 17870 levels. The indication getting from the Asian markets is slightly positive. The Indian stock market indexes are likely to open flat and on a cautious note today.

 

U.S. and European stock market indexes update

 

The U.S. stock markets were closed Monday for Presidents’ Day.

European stock market index closed marginally higher after a choppy day of trading, as investors remain cautious ahead of the FOMC minutes, later during the week. The latest data showed that the eurozone consumer confidence improves to 1.7% in February, the data came as per market expectations but was still well below the long-term average. The market volume was thin due to a public holiday in the US markets.

The pan European Stoxx 600 was trading volatile in a tight range near the neutral line, and later closed slightly higher by 0.1 percent. Mining stocks closed higher while tech and household goods stocks dropped on Monday. The key European market indexes CAC and DAX declined by 0.17 percent and 0.03 percent while FTSE closed higher by 0.12 percent.

 

Indian stock market updates

 

Indian stock markets ended lower after a volatile session on Monday. The Sensex and Nifty fell consecutively for the second day due to profit booking in Banking and Financial sectors. The market breadth turned weak with the advance decline indicating a ratio of 2:3 at the close. FIIs were the net sellers, they offloaded Rs 158.95 crore worth of shares while DIIs were the net buyers and purchased Rs 86.23 crore worth of shares in the equity cash segments on Monday.

 

News you should read before the trade setup for today 21 Feb

 

The retail inflation for farm and rural workers accelerated to 6.85 percent and 6.88 percent, respectively, in January, from 6.38 percent and 6.60 percent recorded in the previous month. This is mainly due to higher prices of certain food items.

On Monday, Acuite Ratings and Research said that they maintained India’s FY23 gross domestic product (GDP) growth estimate at 7 percent. The credit rating agency, however, projected the country’s economic growth track in FY24 to slow down to 6 percent. India would still be one of the highest-growth economies in the world, it said.

India and China are expected to contribute more than half of global growth this year, with the rest of Asia contributing an additional quarter, the International Monetary Fund (IMF) said on Monday. It further said that economists turn bullish on China after the country lifted Zero Covid policy restrictions and started reopening in the second half of 2022. While the Indian economy has also shown positive signs and growing among the highest in the world over the last two years.

 

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