Trade Setup for Wednesday 21 Sept: Stock Market News
Trade setup for Wednesday 21 Sept– 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 in the red on Wednesday, tracking negative cues from Wall Street overnight. Nikkei and Hang Seng are trading lower by 1.33 percent and 1.41 percent respectively while Shanghai is trading negative by 0.58 percent. SGX Nifty is also trading lower by 82 points or 0.46 percent at 17713 levels.
The indication getting from the Asian markets is negative, Indian stock market indexes are likely to open lower today. Nifty may open around 17700 levels today.
The US and European market indexes update
The US markets fell on Tuesday and Treasury yields rose to multiyear highs on the expectation that Fed would be aggressive at its Wednesday policy meeting. All eyes are now on Fed’s meeting which started on Tuesday and the outcome is expected on Wednesday, followed up with guidance that will show the central bank’s willingness for further moves to curb inflation.
The key US stock market indexes, Dow Jones and S&P 500 fell 1.01 percent and 1.13 percent respectively while Nasdaq was down by 0.95 percent on Tuesday.
European stocks closed lower on Tuesday, extending their losses for the sixth straight session on the expectation of another large interest rate hike by the US Fed. The market sentiments were further dented after Sweden’s central bank announced its biggest rate hike in nearly three decades.
The pan-European STOXX 600 which had risen nearly 1% earlier in the session, erased all gains and ended lower by 1.1% with nearly all major sectors in the red. The key European stock market indexes, CAC and DAX were down by 1.35 percent and 1.03 percent respectively while FTSE was down by 0.61 percent on Tuesday.
Indian stock market updates
Indian stock markets made a gap-up opening on Tuesday amid positive global cues. The benchmarks, Sensex and Nifty closed higher by 0.98 percent and 1.10 percent respectively. The market breadth was quite strong with the Advance-Decline indicating a ratio of 5:2 at the close. FIIs and DIIs both were net buyers, FIIs bought Rs 1196.19 crore while DIIs bought Rs 131.94 crore in the equity cash segment on Tuesday.
News you should read before the trade setup for today 21 Sept
The Chief Economic advisor V. Anantha Nageswran on Tuesday said that the Indian economy will grow over 7 percent, down from the previously estimated 8 percent in January. Nageswaran further said India is well poised to sustain the 7 percent growth per year during the remainder of the decade as well.
According to the labor ministry report, the country’s retail inflation for farm and rural workers increased to 6.94 percent and 7.26 percent respectively in August. This is due to higher food prices. In July, retail inflation for farm and rural workers stood at 6.60 percent and 6.82 percent respectively.
The government is working to introduce more production-linked incentive (PLI) schemes in other sectors, Commerce and Industry Minister Piyush Goyal said on Tuesday. The government has already announced PLI schemes for 14 sectors, including textiles and auto components. The main objective of the PLI scheme is to make domestic manufacturing globally competitive, boost exports and create jobs.
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