Trade Setup for Wednesday 18 Jan: Market News
Trade setup for Wednesday 18 Jan 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 mixed on Wednesday as investors are cautious and markets are struggling for a direction ahead of the Bank of Japan (BoJ) policy decision, due later in the day. Nikkei and Shanghai are trading higher by 0.60 percent and 0.13 percent respectively while Hang Seng is trading lower by 0.22 percent at 7.20 am IST.
SGX Nifty is trading higher by 34 points or 0.19 percent at 18110 levels. The indication getting from the SGX Nifty is positive today, Indian stock market indexes are likely to open higher today. Investors should remain cautious today, as the market may remain volatile due to the BoJ policy decision.
U.S. and European stock market indexes update
The U.S. stock markets closed mixed on Tuesday. Dow Jones snapped a four-day winning streak due to weak earnings reported by the biggest investment banks and Chinese data that showed a near-historic slowdown. Goldman Sachs Group missed the fourth quarter estimates amid rising costs and weakness in its consumer banking business and fell more than 6 percent.
The key U.S. stock market indexes Dow Jones and S&P 500 closed lower by 1.14 percent and 0.20 percent respectively whereas Nasdaq was up by 0.14 percent on Tuesday.
The key European stock market indexes closed mixed on Tuesday, as investors digested a slew of Chinese economic data released overnight and with concerns about the global economy high on the agenda at the World Economic Forum in Davos this week.
The pan-European Stoxx 600 closed higher by 0.31 percent. The other key European stock market indexes CAC and DAX closed higher by 0.48 percent and 0.35 percent respectively while FTSE was down by 0.12 percent on Tuesday. The markets gain on the back of buying in mining stocks on Tuesday.
Indian stock market updates
Indian stock market indexes closed extended their early gains and closed higher on Tuesday. Investors overlooked the weak GDP growth of China, its second-lowest annual economic data in 50 years. The market breadth was almost flat with advance decline indicating a neutral ratio at the close. Foreign institutional investors (FIIs) and Domestic institutional investors (DIIs) both were net buyers in the equity cash segment on Tuesday. FIIs purchased Rs 211.06 crore worth of shares after 17 days of selling while DIIs bought Rs 90.81 crore on Tuesday.
Q3 Results Today
IndusInd Bank, Alok Industries, CCL Products (India), Central Bank of India, Oracle Financial Services Software, Persistent Systems, PSP Projects, Rallis India, Shemaroo Entertainment, and Surya Roshni will announce their Q3 earnings today
News you should read before the trade setup for today 18 Jan
According to Ankita Pathak, an economist at DSP Investment Managers Pvt, the Reserve Bank of India (RBI) may pause its rate hike cycle as early as the next monetary policy decision in February. As India’s retail CPI-based inflation fell below the RBI’s upper band target, the central bank could reevaluate its strategy amid an ongoing global growth slowdown, Pathak said while giving an interview with a financial news channel.
Rising Housing prices and rentals in large Indian cities could pose a new challenge to the country’s central bank in its fight against inflation, even though headline consumer price rises have likely peaked, analysts warn. Housing rentals and ancillary costs have a 10.07% weightage in India’s consumer price inflation basket and are near three-year highs, posing a fresh worry for the central bank that had to contend with rising food prices for most of last year.
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