Trade Setup for Wednesday: Stock Market Today (13 March 2024)

 

Trade Setup for Wednesday, 13 March 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Market Indexes

 

Asian stock market indexes are trading mostly higher on Wednesday tracking gains from Wall Street overnight. Japan’s Nikkei 225 erased early gains, trading lower by 0.57%, while Australia’s S&P ASX 200 extended its previous session gains, up 0.28%. 

South Korea’s Kospi index is up by 0.19%, as the country’s unemployment rate came down in February. Shanghai index is trading marginally lower by 0.13%, while Hang Seng is up by 0.27%. The Straits Times and Taiwan are trading in the positive zone at 7.20 a.m. IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed higher on Tuesday with the S&P 500 index ending at another record high, as investors shrugged off an unexpected rise in consumer price inflation reading. Investors’ hope remains intact that the Federal Reserve will start cutting interest rates in June.

The Labor Department showed that consumer prices increased at 0.4% on an MoM basis in February and 3.2% on a YoY basis. The Core CPI also rose by 0.4% MoM, while on an annual basis, the core inflation slowed to 3.8% in February from 3.9% in January.

Investors bet on tech shares, the Oracle Corporation gained nearly 12% after reporting stronger-than-expected quarterly earnings, due to an increase in AI demand. The technology giants Meta, Alphabet, Microsoft, Meta Platform, and Nvidia jumped 2 to 7% on Tuesday.

The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index gained 0.61% and 1.12% respectively, while the tech-heavy Nasdaq jumped 1.54%.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Tuesday, as investors digested the US inflation data, which was in line with the market expectations. The market sentiments were upbeat, as the inflation reading of Germany reached a two-year low, while Portugal and Netherlands also reported ease in February inflation. 

Meanwhile, separate data from the UK showed that the average earnings in the three months to January fell to 5.6% from 5.9%, while the unemployment rate rose unexpectedly to 3.9% in January from 3.8% in December. The UK’s FTSE was up 1.01% and hit 10 months high on Tuesday.

The pan-European Stoxx 600 index closed higher by 1.01%, with the major sectors ending in the green. The auto sector gained the most while the utility sector fell on Tuesday. The key European stock market indexes CAC and DAX gained 0.84% and 1.22% respectively.

 

Indian stock markets

 

Indian stock market indexes closed slightly higher on Tuesday. Sensex and Nifty traded volatile in the morning session amid fluctuations in banking and financial stocks. The domestic markets later traded a range-bound session in the second half and closed with minor gains.

The market breadth was weak with the advance decline indicating a ratio of 2:5 at the close. FIIs and DIIs were net buyers in the equity cash segments, FIIs bought shares worth Rs 73.12 crore while DIIs acquired shares worth Rs 2358.18 crore.

 

Stock Market Today

 

The global market cues are favorable today. On Tuesday, Gift Nifty closed higher by 33 points, trading marginally higher at 22460 levels today. The indications from global markets and Gift Nifty are positive. Indian stock market indexes are likely to open higher and trade above their neutral lines.

 

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News you should read before the trade setup for today, 13 March 2024

 

According to the data released by the Ministry of Statistics and Programme Implementation on March 12, India’s CPI inflation eased slightly at 5.09% in February. The retail inflation was recorded at 5.1% in January. Separately, India’s January IIP growth stood at 3.8% in January, compared to 4.2% in December.

 

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You may follow our Nifty and Bank Nifty live updates, support, and resistance levels at 11.30 a.m. 

Also, read  NIFTY and BANK NIFTY Prediction for Tomorrow, 13 March 2024

 

Happy Investing!!

Editor’s Desk