Trade Setup for Tuesday 29 Aug: Stock Market Today
Trade setup for Tuesday 29 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 positive cues from Wall Street overnight. Japan’s Nikkei is trading marginally higher by 0.13 percent, as the country’s unemployment rate for July came higher than expected. South Korea’s Kospi is trading higher by 0.28 percent.
Shanghai is trading marginally higher by 0.17 percent after making strong gains in the previous session due to stamp duty cuts in stock trading. Hang Seng is trading higher by 0.96 percent, extending its previous session gain. The other major indexes in the region, Straits Times and Taiwan are also trading higher at 7.10 am IST.
Gift Nifty is trading flat to negative at the 19340 level. The indication getting from the Asian markets is positive today. Indian stock market indexes are likely to open on a cautious note and trade sideways today.
U.S. Stock Market Indexes Update
The US stock markets ended higher on Monday, as investors now looked ahead to crucial economic data later this week to gauge the Fed’s move on the interest rate hike path. Big tech and growth stocks climbed as the Treasury yields slipped from the recent high. The yields on the 10-year Treasury notes ended lower at 4.204% from Friday’s close of 4.234%.
The 3M shares climbed more than 7% after the news that the company agreed to a roughly $5.5 billion settlement of claims related to defective earplugs. The shares of US-listed Chinese companies including JD.com, Baidu, and Alibaba gained, as the sentiment got boosted after China halved the stamp duty on stock trading and other stimulus measures.
The US stock market indexes, Dow Jones and S&P 500 closed higher by 0.62 percent and 0.63 percent respectively, while tech-heavy Nasdaq was up 0.84 percent on Monday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Monday, as the market sentiments were boosted by the China-exposed industrials after Beijing halved the stamp duty for stock trading to support its ailing stock market. The pan-European STOXX 600 index was up by 0.9%, with technology stocks leading the gains following early gains in the US markets
China-linked automakers and industrials added gains, while China-exposed luxury heavyweights also gained on Monday. The UK stock market was closed due to the summer bank holiday. The major European stock market indexes CAC and DAX gained 1.30 percent and 1.02 percent respectively.
Indian Stock Market Indexes
Indian stock market indexes closed marginally higher on Monday, snapping a two-day losing streak. The market sentiments were positive due to upbeat Asian market cues. However, the upside remained capped, as investors remain cautious ahead of the crucial economic data from the US markets, which will decide the Fed’s move on interest hike paths.
The market breadth was positive, with the advance decline ratio indicating a 2:1 ratio at the close. FIIs were the net sellers, they sold shares worth Rs 1393.25 crores while DIIs were the net buyers, they bought shares worth Rs 1264.01 crore on Monday.
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