Trade Setup for Wednesday 13 July 2022: Market News
Trade setup for Wednesday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 13, 2022
Asian markets are mostly trading higher on Wednesday despite negative cues from Wall Street and worries about recession. Nikkei and Hang Seng are trading higher by 0.33 percent and 0.38 percent respectively while Shanghai is trading lower by 0.19 percent at this moment at 7.20 am IST. The SGX Nifty is trading higher by 34 points or 0.21 percent at 16094 levels.
The indication getting from the Asian markets is positive, Indian stock market indexes are likely to open in the green today. Nifty may open around 16100 levels today
The US and European market indexes update
The US stock market indexes ended lower on Tuesday, as a growing sign of a recession kept the buyers aside. The key indexes were traded volatile and seesawed between modest gains and losses in the first half. Markets later fell sharply lower late in the day as investors were cautious ahead of CPI inflation data which is due on Wednesday and big bank earnings later in the week.
The US market key indexes Dow Jones and S&P 500 fell 0.62 percent and 0.92 percent respectively while Nasdaq fell 0.95 percent on Tuesday.
European stock market indexes recovered early losses and ended higher on Tuesday despite rising covid cases in several places in China and a potential lockdown to curb the infection. The markets were trading lower initially due to worries about the energy crisis in Europe and disappointing economic data.
The market sentiments remained cautious with investors looking ahead to the crucial US inflation data which is due on Wednesday. The European market indexes CAC and DAX were closed higher by 0.80 percent and 0.57 percent while FTSE was up by 0.18 percent on Tuesday.
Indian stock market updates
Indian stock markets opened lower on Tuesday and extended their losses in the last hour. Investors were cautious ahead of the CPI inflation and IIP data, expected later in the day. The key indices Sensex and Nifty fell 0.94 percent and 0.97 percent respectively. FIIs were the net sellers in the equity cash segment, they sold Rs 1565.68 crore while DIIs bought Rs 140.71 crore in the equity cash segment on Tuesday.
News you should read before the trade setup for Wednesday 13 July 2022.
On Tuesday, Bank of America (BofA) Securities revised the country’s current account deficit (CAD) forecast by 0.4 percent point for this financial year. According to BofA Securities, the CAD is likely to touch $105 billion or 3 percent of the GDP this fiscal mainly due to the continuous widening trade deficit.
The country’s CPI-based retail inflation dropped slightly to 7.01 percent in June, mainly to the ease in crude and cooking oil prices, but it’s still above the RBI’s comfort zone. The retail inflation for the month of May was 7.04 percent.
India’s Index of Industrial Production (IIP) jumped by 19.6 percent in the month of May as gainst 7.1 percent rise in the month of April. This is mainly due to the growth registered in Manufacturing, Electricity, and Mining sectors.
On Tuesday, Crude oil prices dropped below $100 per barrel on recession fear. The Brent Crude oil future index is trading at around $99 per barrel on Wednesday early morning.
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