Trade Setup for Tuesday 6 June: Stock Market Today

 

Trade setup for Tuesday, 6 June 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 market indexes are mostly trading higher on Tuesday, despite the negative cues from Wall Street overnight. Nikkei and Hang Seng are trading higher by 0.20 percent and 0.17 percent respectively while the Shanghai index is trading lower by 0.18 percent at 7.15 am IST. South Korea’s Kospi is not trading today due to a holiday.

SGX Nifty is trading slightly lower by 18 points or 0.10 percent at 18706 levels. The indication getting from the Asian market is slightly negative today. Indian stock market indexes are likely to open flat and will trade sideways today.

 

U.S. Stock Market Indexes update

 

The US stock market indexes closed lower on Monday, as Apple erased most of its intraday gains after unveiling its new products at the worldwide developer conference. On the economic front, the U.S. Services Activity unexpectedly fell in May, triggering further optimism that the Fed will pause rate hikes in next week’s meeting.

Energy stocks erased most of their gains, as oil prices gave up some gains due to concerns about the demand outlook despite Saudi Arabia’s recent production cut. The tech-heavy Nasdaq closed slightly lower by 0.09 percent, as Apple erased most of its gains but other big tech stocks like Alphabet, Microsoft, and Amazon gained above 1 percent. Dow Jones and S&P 500 declined 0.59 percent and 0.20 percent respectively.

 

European Stock Market Indexes Updates

 

European stock market indexes started the week on a negative note, as investors digested weaker-than-expected services sector activity in May, across the eurozone area. According to the data released on Monday, Eurozone investor sentiment deteriorated in June, as concern about the German economy weighed. 

The major equity market indexes closed in the red on Monday. The pan-European Stoxx-600 index closed 0.5% lower after muted trading witnessed in most parts of the session. The oil & gas stocks erased early gains and ended in the red, despite oil prices remained in the positive zone. The travel and leisure sector fell the most, as airline group Air France KLM fell sharply by 3.3%. 

The key European stock market indexes, CAC and DAX fell 0.97 percent and 0.55 percent respectively, while UK’s FTSE closed slightly lower by 0.10 percent on Monday.

 

Indian Stock Market Indexes

 

After opening with a gap up on Monday, the Indian equity market indices remained rangebound throughout the day and closed in the green. The market sentiments were upbeat due to positive global cues. The broader markets witnessing active participation and performing well. 

The market breadth was quite strong with the advance decline indicating a ratio of 2:1 at the close. FIIs remain net sellers for the third consecutive day on Monday, they offloaded Rs 700.98 crore while DIIs were the net buyers in the Indian equity markets, they bought shares worth Rs 1195.98 crore on Monday.

 

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Happy Investing!!

Editor’s Desk