Trade Setup for Tuesday 7 Feb: Stock Market News

 

Trade setup for Tuesday 7 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, as investors are awaiting the Reserve Bank of Australia’s interest rate decision. All the key indexes, Nikkei, Hang Seng, and Shanghai are trading higher by 0.15 percent, 0.72 percent, and 0.21 percent respectively. SGX Nifty is also trading higher by 72 points or 0.41 percent and at 17833 levels at 7.15 am IST

The indication getting from the Asian markets is positive. The Indian stock market indexes are likely to start in the green today.

 

U.S. and European stock market indexes update

 

The US stock market indexes extended their previous session’s losses on Monday, as the strong job data last week raised the prospect of additional interest-rate hikes by the Fed. Traders remain cautious ahead of Fed Chair Powell’s speech to gauge the future path of a rate hike. 

US-listed Chinese stocks fell on Monday due to renewed geopolitical tension after a balloon shooting saga. The key US stock market indexes, Dow Jones and S&P 500 closed lower by 0.10 percent and 0.61 percent respectively while Nasdaq was down by 1 percent on Monday.

European stock market indexes closed lower on Monday and made a negative start for the new trading week, as investors assessed the latest economic data and interest outlook. Retail sectors led the losses while the healthcare and utility sectors ended positive on Monday. Meanwhile, German industrial orders beat expectations in December and posted the biggest jump in more than a year.

The pan-European Stoxx 600 closed lower by 0.8 percent on Monday. The European stock market key indexes, FTSE and DAX closed lower by 0.83 percent and 0.85 percent respectively while CAC was down by 1.36 percent on Monday.

 

Indian stock market updates

 

Indian stock markets closed lower on Monday amid weak global cues. The domestic market sentiments were hit due to the weakness in the Indian rupee against the US dollar, cautiousness ahead of the RBI policy meeting, and FIIs fund outflow. The market breadth was positive with the advance decline indicating a ratio of 3:2 at the close. FIIs were the net seller, offloading 1218.14 crore worth of shares in the Indian equity markets while DIIs bought Rs 1203.09 crore on Monday.

 

Q3 Results Today

 

Bharti Airtel, Hero MotoCorp, Ambuja Cements, Adani Ports and Special Economic Zone, Computer Age Management Services, Deepak Nitrite, Gujarat Fluorochemicals, GSK Pharma, Kalyan Jewellers India, Motherson Sumi, Adani Green Energy, NDTV, Aditya Birla Fashion and Retail, Astral, Barbeque-Nation Hospitality, Bharat Dynamics, Wiring India, Navin Fluorine International, NHPC, Phoenix Mills, Ramco Cements, Rashtriya Chemicals & Fertilizers, Sobha, Thermax, and Wonderla Holidays will announce their third-quarter earnings today.

 

News you should read before the trade setup for today 7 Feb

 

On Monday the economists at SBI said that they expect the Reserve Bank of India (RBI) to hit the pause button on interest rate hikes at its upcoming monetary policy review meeting this week.

The six-member RBI Monetary Policy Committee (MPC) panel, is likely to continue with the current ‘withdrawal of accommodation’ stance, the SBI economists said. RBI Governor Shaktikanta Das-headed MPC started its three-day meeting on Monday and it will announce its outcome on Wednesday, 8 Feb

 

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Happy Investing!!

Editor’s Desk