Trade Setup for Tuesday 22 Aug: Stock Market Today

 

Trade setup for Tuesday 22 Aug 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 higher on Tuesday following the rally in US tech stocks overnight. Japan’s Nikkei is trading higher by 0.78 percent, as Softbank Group chip unit Arm filed for a Nasdaq listing. South Korea’s Kospi is also trading higher by 0.67 percent.

The Shanghai index is trading higher by 0.26 percent after a sharp fall in the previous session. Hang Seng is trading higher by 0.50 percent as Hong Kong’s July inflation slowed more than expected. Other Asian markets, Straits Times and Taiwan are also trading higher at 7.10 am IST.

Gift Nifty is trading flat to positive at 19394 levels. The indications getting from the Asian stock markets are positive today. Indian stock markets are likely to open in green and trade positively today.

 

U.S. Stock Market Indexes Update

 

The US stock market indexes closed mixed on Monday, as Dow closed lower due to weakness in consumer staples and energy stocks offset a rebound in tech stocks despite higher Treasury yields. Tech stocks led higher as Nvidia shares rallied more than 8% ahead of the quarterly results on Wednesday. 

The share price of Telsa gained more than 7%, due to huge buying interest. The software market Palo Alto Networks jumped more than 14% after the company posted better-than-expected quarterly earnings and its annual guidance beat market estimates. 

Meanwhile, energy stocks declined due to weakness in oil prices and concerns about the demand from the largest importer. The key US stock market indexes, Dow Jones closed marginally lower by 0.11 percent, while S&P 500 and Nasdaq gained 0.69 percent and 1.56 percent respectively.

 

European Stock Market Indexes Updates

 

European stock markets snapped a four-day losing streak on Monday as energy and miners gained due to a rally in global commodity prices. The healthcare index also gained as Novo Nordisk added 0.8% after Morgan Stanley raised its price target on the drugmaker. 

Meanwhile, UK homebuilders declined after residential housebuilder Crest Nicholson cut its full-year profit view and its shares price fell sharply by 10%. A Separate report by an industry expert Rightmove showed asking prices for homes in Britain fell sharply this month.

The pan-European Stoxx 600 index ended higher by 0.06% on Monday. The key European stock market indexes CAC and DAX gained 0.47 percent and 0.19 percent respectively while UK’s FTSE was down by 0.06 percent on Monday.

 

Indian Stock Market Indexes

 

Indian stock market indexes ended with a decent on Monday. The equity benchmarks gradually marched northwards in the afternoon session amid positive cues from European markets. The broader markets outperformed the frontline indexes on Monday.

The market breadth was positive with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net seller in the equity cash segments, they offloaded shares worth Rs 1901.10 crore while DIIs were the net buyers and they bought shares worth Rs 626.25 crore on Monday.

 

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Editor’s Desk