Trade Setup for Wednesday 16 Nov: Stock Market News
Trade setup for Wednesday 16 Nov– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are mostly trading in red on Wednesday despite positive cues from Wall Street overnight. Nikkei is trading lower by 0.57 percent as the latest data showed that Japan’s machinery order unexpectedly fell in September. Hang Seng and Shanghai are trading almost flat at this time at 7.15 am IST. SGX Nifty is trading lower by 101 points or 0.55 percent at 18393 levels.
The indication getting from the Asian markets is slightly negative. The Indian stock market indexes are likely to shart on a cautious note today
The US and European market indexes update
The US stock market indexes closed higher after a volatile session on Tuesday. The news of Russian missiles landing in Poland sparked volatility in the market. However, the decline in the Producer Price Index (PPI) inflation lifted the market sentiments on the hope that Fed would go slow in interest rate hikes in December.
The 10-year oil US Treasury yield declined to 3.79 percent, from 3.865 percent on Monday. The key US market indexes, Dow Jones and S&P 500 gained 0.17 percent and 0.87 percent respectively while tech-heavy Nasdaq jumped 1.45 percent on Tuesday.
European stock markets closed higher on Tuesday as the US Producer price index declined in the month of October. This has boosted the optimism among investors that the US Fed may go slow on interest rate hikes in its December meeting.
The pan-European Stoxx 600 gained 0.2% on Tuesday while the key indexes CAC and DAX closed higher by 0.49% and 0.46% respectively FTSE closed lower as the unemployment rate edged up in September.
Indian stock market updates
Indian stock markets closed higher on Tuesday tracking positive cues from the Asian market peers. The equity benchmarks, Sensex and Nifty gained 0.40 percent and 0.41 percent respectively. The market breadth was slightly on the positive side with the advance-decline indicating a ratio of 4:3 at the close. FIIs and DIIs both were sellers in the equity markets, FIIs sold Rs 221.32 crore while DIIs sold Rs 549.28 crore worth of shares on Tuesday.
News you should read before the trade setup for today 16 Nov
On Tuesday, the data released by the commerce ministry showed that India’s merchandise trade deficit widened to $ 26.91 billion in October. The exports fell 17 percent on YoY to $29.78 billion while imports rose by 6 percent. The trade deficit stood at $17.91 billion in the same period last year.
The direct tax collection in the current fiscal is likely to add 25-30% more than the budgeted target of Rs 14.20 lakh crore, a senior official said on Tuesday. He further said that the Budget for the next fiscal could bring about tweaks in the TDS provision for online gaming to check tax evasion.
The US supplier price increased at a slower rate in October for the second straight month, a sign of inflation pressure is getting eased. The producer price index (PPI) climbed to 8% in Oct from 8.4% in Sept on a 12-month basis in October. The PPI was sharply down from the 11.7% recorded in March its highest level since March 2010.
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