Trade Setup for Wednesday 23 Aug: Stock Market Today

 

Trade setup for Wednesday 23 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 market indexes are trading mixed on Wednesday after a positive session on the previous day. The cues from the US markets are slightly negative. Japan’s Nikkei is trading slightly higher by 0.14 percent as the country’s business activity expanded at a faster pace in August, according to Jibun Bank flash PMI data.

South Korea’s Kospi is trading slightly lower by 0.18 percent. Shanghai and Hang Seng are also trading lower by 0.45 percent and 0.43 percent respectively. Straits Times and Taiwan indexes are trading higher at 7.10 am IST

Gift Nifty is trading higher by 39 points or 0.20 at 19353 levels. The indication getting from the Asian markets is slightly negative. Indian stock markets are likely to open in red and trade volatile.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes pared early gains and closed mixed on Tuesday. Dow closed lower, as regional banking shares fell sharply and retail shares tumble. The regional banking shares fell 4-5% on Tuesday, as the rating agency S&P Global downgrades the credit ratings and outlook of these banks due to higher funding costs and large deposit outflows. 

The retailers Macy’s Inc and Dick’s Sporting Goods Inc tumbles after disappointing quarterly earnings, while Lowe’s gained after the company reported mixed results but maintained its full-year guidance. Tech stocks trimmed early gains as Treasury yields remained higher, the yields on 10- year- old Treasury notes closed at 4.329% on Tuesday.

The key US stock market indexes, Dow Jones and S&P 500 erased early gains and closed lower by 0.51 percent and 0.28 percent respectively while Nasdaq trimmed most of its early gains and managed to close in the green, up by 0.06 percent.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Tuesday, following the gains in Asian markets and a rally in tech shares in the US markets for the second consecutive day. French game publisher Ubisoft rose more than 8% after Microsoft submitted a new plan for its planned Activision takeover to appease British competition authorities.

The pan-European Stoxx 600 index pared some early gains and closed at 0.68 percent higher. UK’s FTSE ended with a modest gain, as manufacturing output dropped sharply since September 2020 from June to August, according to a survey by the Confederation of British Industry. While UK’s government borrowing came lower than expected in July.

The major European stock market indexes CAC and DAX closed higher by 0.59 percent and 0.65 percent respectively, while UK’s FTSE was up by 0.18 percent on Tuesday.

 

Indian Stock Market Indexes

 

Indian stock market indexes traded sideways and closed flat on Tuesday. The domestic markets ended unchanged amid positive cues from the Asian markets. Nifty witnessed a dull session and was hovering near 19400 levels for most of the session on Tuesday. 

Meanwhile, the broader market outperformed the benchmarks. The market breadth was strong, with the advance-decline indicating a ratio of 5:2 at the close. FIIs were the net sellers they offloaded shares worth Rs 495.17 crore, while DIIs bought shares worth 533.75 crore on Tuesday.

 

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Editor’s Desk