Trade Setup for Tuesday, 3 Oct 2023: Stock Market Today
Trade Setup for Tuesday
Trade setup for Tuesday, 3 Oct 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 market indexes are trading in the deep red on Tuesday, following the mixed cues from Wall Street and as the 10-year US Treasury yield climbed back near its 16-year high. Investors are waiting for the Reserve Bank of Australia’s (RBA) interest rate decision. The central bank of Australia is expected to hold the key rates and maintain the hawkish stance.
Japan’s Nikkei is trading lower by 1.47 percent while Australia’s S&P ASX 200 is also trading 1.23 percent. Hang Seng is trading sharply lower by 2.84 percent. South Korean and Shanghai indexes are not trading today due to the public holiday. Elsewhere, Straits Time and Taiwan are also trading in the red at 7.20 a.m. IST.
Gift Nifty is trading lower by 24 points or 0.12 percent at 19589 levels. The indication from Asian stock markets is negative. Indian stock market indexes are likely to open lower today and will trade volatile. The Manufacturing PMI data is expected in the morning session.
U.S. Stock Market Indexes Update
The US stock markets closed mixed on Monday, Dow Jones ended lower as 10-year Treasury yields climbed back to 4.68% on rate hike fear, and as Energy and utilities stocks fell sharply. The sentiments were slightly negative, as investors feared lawmakers were headed for another shutdown due to short-term agreement and disagreement on government spending levels.
On the economic front, ISM Manufacturing PMI came in at 49 in September, higher than the expectation and above the 46.8 reported in the previous month. Crypto-related stocks were in focus as Bitcoin prices gained about 3%, Riot Platforms and Marathon Digital were initially traded higher between 10% and 8% respectively but later trimmed their gains.
The key US stock market index, Dow Jones ended lower by 0.22 percent while the S&P 500 closed flat to the positive, up by 0.01 percent. The tech-heavy Nasdaq index gained 0.67 percent at the close on Monday.
European Stock Market Indexes Updates
European stock market indexes pared early gains and closed sharply lower on Monday. Indexes opened higher, as the US narrowly avoided the government shutdown and positive economic data from China and Japan boosted market sentiments in the morning deal.
However, the key indexes erased all gains, as the eurozone manufacturing PMI compiled by S&P Global came to a tick lower in September from the previous month, and remained below 50 marks.
While the UK’s S&P Global /CIPS manufacturing PMI remained in contraction but came slightly higher than the previous month. According to Nationwide data, the UK’s house prices in September fell compared to the last year and remained unchanged on a monthly basis.
The pan-European Stoxx 600 index ended lower by 1.03 percent on Monday. The key European stock market indexes, DAX and CAC closed lower by 0.95 percent and 0.91 percent respectively, while the UK’s FTSE fell sharply lower by 1.30 percent.
Indian Stock Market Indexes
Indian equity markets closed higher on Friday amid positive global cues. The domestic markets made a positive opening on Friday following the gains from Wall Street due to ease in Treasury yields and crude oil prices. The equity indices gradually moved northwards but trimmed some intraday gains in the last hour on Friday.
The local markets were closed on Monday 2nd October, on account of Gandhi Jayanti. The market breadth was quite strong on the last trading session of the week, with the advance-decline indicating a ratio of 2:1 at the close.
Foreign investors were net sellers, they offloaded shares worth Rs 1685.70 crore while DIIs were the net buyers, they bought shares worth Rs 2751.49 crore on Friday.
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News you should read before the trade setup for today, 3 Oct 2023
On Sunday, according to the Finance Ministry, India’s GST collection grew to Rs 1.63 lakh crore in September, up by 10 percent on a YoY basis. The gross GST collection has crossed the Rs 1.60 lakh crore mark for the fourth time in FY 2023-24.
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