Trade Setup for Tuesday, Sept 26, 2023: Stock Market Today

 

Trade Setup for Tuesday

 

Trade setup for Tuesday, Sept 26, 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 mostly trading lower on Tuesday despite the rally in the US markets overnight. Nikkei is trading lower by 0.83 percent as Japan’s wholesale inflation for its services sector climbed 2.1% year on year, its fastest rate of increase since September 2022. Australia’s S&P/ASX 200 is trading lower by 0.37 percent as investors are looking towards its consumer price index data for August, which is due on Wednesday.

South Korea’s Kospi is also trading lower by 0.95 percent. Hang Seng is trading lower by 0.70 percent while the Shanghai index is trading flat. Elsewhere, the Straits Times and Taiwan indexes are trading in the red at 7.10 a.m. IST.

Gift Nifty is trading lower by 67 points or 0.37 percent at 19661 levels. The indication from Asian markets is negative today. Indian stock market indexes are likely to open in the red and will trade volatile.

 

U.S. Stock Market Indexes Update

 

The US stock market indexes closed higher on Monday, snapping their four-day losing streak. The shares of online retail giant Amazon gained 1.67 percent and fueled other big tech stocks after the company said it would invest up to $4 billion in the artificial intelligence start-up Anthropic, which develops generative AI technology. Energy stocks also gained despite the crude oil prices falling on Monday.

The US markets gained despite the 10-year Treasury yields hitting 4.54% on Monday, near the levels it was seen in 2007 when it hit 5.57%. The upside remains capped, as Investors were cautious ahead of key economic data including Q2 GDP and PCE inflation reading later this week.

The US stock market indexes Dow Jones and S&P 500 gained 0.13 percent and 0.40 percent respectively, while Nasdaq was up by 0.45 percent on Monday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed lower on Monday, marking the third straight session of losses, as investors fear higher interest rates for the longer period. The market sentiments were subdued as German business sentiment dropped for a fifth consecutive month according to Ifo data released on Monday. Germany’s 10-year bond yield hit its highest point since 2011, according to Reuters, as eurozone yields more widely also increased.

Investors are now looking for inflation flash data that are going to be released later this week. The major sectoral indices were closed in the negative zone on Monday. Travel and Leisure stocks fell the most in the region followed by household goods.

The pan-European Stoxx 600 index declined by 0.6 percent. The European stock market indexes, CAC and DAX declined by 0.86 percent and 0.99 percent, while the UK’s FTSE was down by 0.79 percent on Monday.

 

Indian Stock Market Indexes

 

Indian stock market indexes snapped a four-day losing streak and ended the volatile session on a positive note on Monday. The market sentiments were positive despite weak global cues. The market breadth was slightly on the negative side with advance decline indicating a 3:4 ratio at the close.

Foreign investors remained net sellers of Indian equities on Monday, for the fifth consecutive session. FIIs offloaded shares worth Rs 2,333 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors remained net buyers and purchased equities worth Rs 1,579 crore, the NSE data showed.

 

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Happy Investing!!

Editor’s Desk