Trade Setup for Tuesday: Stock Market Today (30 Jan 2024)
Trade Setup for Tuesday, 30 Jan 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock market indexes are mostly trading higher on Tuesday following the gains from Wall Street overnight. Japan’s Nikkei 225 is trading higher by 0.30% as the country’s unemployment rate fell more than expected in December. Australia’s S&P ASX 200 index is up by 0.41% heading for a seven straight day of gains.
South Korea’s Kospi index added 0.58% at this moment. The Shanghai index is trading lower by 0.72%, while Hang Seng is down by 1.71% as investors are still struggling with the fallout from Evergrande’s liquidation order. The Straits Times is in the positive territory, while the Taiwan index is trading flat at at 7.15 am IST.
U.S. Stock Market Indexes Updates
US stock market indexes closed higher on Monday due to a rally in big tech stocks ahead of their quarterly results scheduled this week. Investors remain optimistic ahead of the key economic data and the Fed’s monetary policy decision due later this week. The 10-year Treasury yields slipped to 4.079% on Monday, it was closed at 4.143% in the previous session.
The Fed’s two-day monetary policy meeting will kick off on Tuesday, the expectations for an unchanged policy decision have already been priced in, and investors will be looking for any clues on March rate cuts. On the economic data front, investors will be closely looking for the JOLTs job opening and consumer confidence data on Tuesday.
The major US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index gained 0.59% and 0.76% respectively, and closed at the record high. The tech-heavy Nasdaq Composite Index jumped 1.12% on Monday.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Monday, as investors are looking ahead to a fresh batch of earnings, data, and central bank announcements throughout the week. The pan-European Stoxx 600 index closed higher by 0.21% with oil and gas gaining 1%, while telecom stocks declined.
The market sentiments remain positive as the European Central Bank sounded dovish in its last week’s policy decision and investors bet that the ECB will start reducing interest rates in April 2024. The key European stock market indexes CAC closed higher by 0.09% while DAX was down by 0.12%. The UK’s FTSE was closed flat to the negative, down by 0.03% on Monday
Indian Stock Market Indexes
Indian stock market indexes ended with a significant gain on Monday, closing at two months high. The sentiments were boosted following gains from Asian markets. Indexes closed higher near the day’s high on the back of buying in heavyweight stocks including Reliance, L&T, and HDFC Bank
The market breadth was positive with the advance decline indicating a 2:1 ratio at the close. FIIs turned into net buyers in the Indian equity cash segments after selling seven consecutive sessions, they bought shares worth Rs 110.01crore, while DIIs purchased shares worth Rs 3221.34 crore
Quarterly Earnings for Today
Larsen & Toubro, Dr Reddy’s Laboratories, Bajaj Finserv, PB Fintech, Arvind, Astral, Adani Total Gas, Blue Star, Cochin Shipyard, Coromandel International, Star Health and Allied Insurance Company, Symphony, Triveni Engineering & Industries, Gillette India, KEC International, KPIT Technologies, Mahindra & Mahindra Financial Services, Piramal Pharma, Keystone Realtors, VIP Industries and Voltas will announce its Q3 earnings on January 30.
Stock Market Today
The global cues are positive today. Gift Nifty is trading higher by 10 points at the 21966 level. The indication from the global markets and Gift Nifty are positive today. Indian stock market indexes will open higher and will trade above their neutral lines.
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Editor’s Desk
