Trade Setup for Wednesday 23 Nov: Stock Market News
Trade setup for Wednesday 23 Nov– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
The key Asian stock market indexes are trading higher on Wednesday following positive cues from Wall Street overnight. Nikkei is not trading today due to a holiday. Heng Seng is trading higher by 0.29 percent while Shanghai is trading flat at this moment at 7.20 am IST. SGX Nifty is also trading higher by 66 points or 0.36 percent at 18354 levels.
The indication getting from the Asian and other global markets is positive, the Indian stock markets will open higher today.
The US and European market indexes update
The US stock market indexes advanced on Tuesday due to positive quarterly earnings from retailers and as investors bet on beaten-down It and energy stocks. Trading volume was thin ahead of the holiday and investors were nervous as FOMC minutes are due on Wednesday.
The US equity benchmark Dow Jones gained 1.18 percent while S&P 500 and tech-heavy Nasdaq were up by 1.36 percent each on Tuesday.
The major European stock market indexes closed higher on Tuesday as oil and gas stocks jumped over 4% after Saudi Arabia denied a report that OPEC+ may boost oil production. Mining stocks gained 2.7% on Tuesday. However, the upside remained capped, as telecom, household, and financial stocks slipped due to concerns about the economic outlook and concerns about supply disruptions issues, as restrictions were reimposed in several parts of China to curb Covid-19 infection.
The pan-Europe Stoxx 600 gained 0.8% higher while the key European indexes CAC and DAX gained 0.35 percent and 0.29 percent respectively FTSE was up by 1.03 percent on Tuesday.
Indian stock market updates
Indian stock market indexes closed higher on Tuesday as short covering was witnessed ahead of the monthly expiry. The benchmark indices, Sensex and Nifty gained 0.45 percent and 0.46 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 were the net seller, they sold Rs 697.83 crore in the equity cash segment while DIIs bought Rs 636.39 crore worth of shares on Tuesday.
News you should read before the trade setup for today 23 Nov
The Organisation for Economic Cooperation and Development (OECD) in its latest report projected that India is one of the few growing economies in Asia amid a global slowdown triggered after the Russia-Ukraine war.
The Paris-based intergovernmental body while focusing on economic policy reports said that India is set to be the second-fastest growing economy in the G20 in FY 2022-23 after Saudi Arabia. The organization further said that the GDP growth in the country will slow to 5.7% in FY23-24 as exports and domestic demand growth moderate, but would still be growing more than many other G20 economies including China and Saudi Arabia.
The Indian government allocated 1.36 trillion rupees towards the rural development ministry for the current fiscal year FY23 but the government could end up spending more than 1.60 trillion rupees, according to two government sources who wished to remain unnamed as the information is yet to be made public as per the report published in economic times.
Finance Minister Nirmala Sitharaman is likely to present the 2023/24 budget on Feb. 1. This would be the last full budget before the 2024 national elections. You can read the detailed post here
If you like the post “Trade Setup for Wednesday 23 Nov: Stock Market News ” please share it.
You may also like to read, Tradingview India Black Friday Offer 2022
What is SGX Nifty? Can Indian trade in SGX Nifty?
Happy Investing!!
Editor’s Desk
