Trade Setup for Tuesday 28 Feb: Stock Market News
Trade setup for Tuesday 28 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 trading higher on Tuesday following the positive cues from Wall Street overnight. Japan’s Nikkei is trading higher by 0.45 percent despite the country’s factory activity reporting the worst decline in eight months, while retail sales for January beat expectations. Hang Seng and Shanghai are trading higher by 0.60 percent and 0.29 percent respectively.
SGX Nifty is trading flat to positive, up by only 2 points or 0.01 percent at 17490 levels. The indication getting from the Asian markets is positive. The Indian stock market indexes are likely to open flat today and would trade volatile ahead of the GDP number, which is expected later in the day.
U.S. and European stock market indexes update
The US stock market indexes closed marginally higher on Monday after reporting their worst week of the year last Friday. A dip buying on the recent beaten-down growth stocks supported the markets on the first day of the week. Growth stocks got support after easing Treasury yields following a recent surge last week.
Consumer discretionary, industrial, and information technology shares led the rally while utilities, healthcare, and consumer staple witnessed some selling pressure. The key US stock market indexes, Dow Jones and S&P 500 gained 0.22 percent and 0.31 percent respectively while Nasdaq was up by 0.63 percent on Monday.
European stock markets ended higher on Monday after posting their worst decline of the year last week. The sentiments were positive German’s Commerzbank jumped and supported the index DAX. Further sentiments got boosted after British Prime Minister Rishi Sunak signed a new trade deal with the European Union to resolve the tensions caused by the Northern Ireland protocol.
The pan- European Stoxx 600 closed 1.1 percent higher on Monday. All major sectors were closed in the positive territory, led by travel and leisure. The key European stock market indexes, CAC and DAX gained by 1.48 percent and 1.12 percent respectively while FTSE was up by 0.71 percent on Monday.
Indian stock market updates
Indian stock market indexes trimmed their intraday losses and closed in the red on Monday. The domestic markets rallied in the last hour on the back of buying in Realty, Banking, and Financial stocks.
The market breadth was negative with the advance decline indicating a 1:3 ratio at the close. FIIs were the net sellers they offloaded shares worth Rs 2022.52 crore in the Indian equity segment while DIIs bought Rs 2231.66 crore on Monday
News you should read before the trade setup for today 28 Feb
According to RBI’s Quarterly Statistics on Deposit and Credit of Schedule Commercial Banks, the bank’s credit growth eased to 16.8 percent in the December 2022 quarter from 17.2 percent in the preceding quarter. In the year-ago period of the same quarter, bank credit grew at 8.4 percent.
On Monday, the Industry body of the Associated Chamber of Commerce and Industry of India (Assocham) said India’s equity market capitalization needs to grow to $80 trillion if its gross domestic product (GDP) is to reach $40 trillion in 2047.
Assocham recommended easier market norms, along with support to small companies, and encouraging them to list on stock exchanges will strengthen the capital market. The industry body Assocham said this in its report titled ‘Indian Capital Markets: Driver of Growth During Amrit Kaal” on 27 February.
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