Trade Setup for Wednesday 2 Aug: Stock Market Today

 

Trade setup for Wednesday 2 Aug 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 trading lower on Wednesday, as the Fitch rating agency lowered the US Long-Term Foreign-Currency Issuer Default Rating (IDR) from AAA to AA+ overnight. The Asian key stock market indexes, Nikkei, Hang Seng, Kospi, and Shanghai are trading lower by 1.15 percent, 0.48 percent 0.58 percent, and 0.28 percent respectively at 7.15 am IST

Gift Nifty is also trading lower by 25 points or 0.13 percent at 19777 levels. The indication getting from the Asian stock markets is negative today. Indian stock markets are likely to open lower and will trade volatile.

 

U.S. Stock Market Indexes update

 

The US stock market indexes closed mixed on Tuesday, as investors digested the latest round of quarterly earnings. On the earnings front, the pharmaceutical giant Merck reported a narrower loss while the revenue generated was higher than expected, the share price closed lower by over 1 percent. Caterpillar reported better-than-expected quarterly results and gained 9 percent. Pfizer and Uber posted mixed results and the share price ended lower.

On the economic front, the ISM reported that the US manufacturing activity contracted for nine straight months in July. Meanwhile, the Labor Department also showed US job openings declined to a seasonally adjusted 9.6 million in June from the previous month. The US major stock market index, Dow Jones ended higher by 0.20 percent while S&P 500 and Nasdaq declined by 0.27 percent and 0.43 percent respectively.

 

European Stock Market Indexes Updates

 

European stock markets closed lower on Tuesday, as investors digested a slew of quarterly earnings and a decline in eurozone manufacturing activity. The economic data released on Tuesday showed that Eurozone manufacturing activity fell in July at the fastest pace since the start of the Covid-19 pandemic. 

HSBC’s share price closed higher after the upbeat quarterly results. Man Group’s share declined more than 5 percent after the company reported a reduction in net inflow in the first half. Weir Group shares added more than 2 percent after the company reported a pretax profit in the quarterly earnings and raised its guidance for the year.

The pan-European Stoxx-600 index closed lower by 0.88 percent, with all major sectoral indices ending lower. Auto sectors led the losses, followed by financial services and oil & gas. The major Europen stock market indexes, CAC and DAX declined by 1.24 percent and 1.27 percent respectively while UK’s FTSE was down by 0.43 percent on Tuesday.

 

Indian Stock Market Indexes

 

Indian stock markets closed marginally lower on Tuesday. The equity benchmarks opened positive but slipped in the morning deal and traded volatile throughout the day. The S&P Global manufacturing PMI came to a tick lower compared to the previous month while GST collection climbed 10.8 percent on-year in July to Rs 1.65 lakh crore. 

The market sentiments were dampened due to FIIs selling in the last three sessions and raising oil prices. The market breadth was positive with the advance decline indicating a ratio of 4:3 at the close. FIIs were the net sellers, they sold shares worth Rs 92.85 crore while DIIs were the net buyers and they bought Rs 1035.69 crore on Tuesday.

 

Quarterly Earnings (Q1FY24)

 

Titan Company, Ambuja Cements, Hindustan Petroleum Corporation, InterGlobe Aviation, Mankind Pharma, Godrej Properties, Aditya Birla Capital, Adani Wilmar, Engineers India, Gujarat Gas, Indian Overseas Bank, Metropolis Healthcare, Narayana Hrudayalaya, Quess Corp, Firstsource Solutions, Fusion Micro Finance, Gateway Distriparks, Sapphire Foods India, Sheela Foam, Strides Pharma Science, Vaibhav Global, and VIP Industries and others will announce their Q1FY24 quarterly earnings on Aug 2. and others will announce their Q1FY24 quarterly earnings on Aug 2.

 

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Happy Investing!!

Editor’s Desk