Trade setup for Wednesday 26 April 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 lower on Wednesday after renewed banking fears from Wall Street. South Korea’s Kospi trading marginally higher after fresh data showed that consumer sentiments improved in April. Nikkei, Hang Seng, and Shanghai are trading lower by 0.41 percent, 0.11 percent, and 0.46 percent respectively. SGX Nifty is trading lower by 32 points or 0.18 percent at 17754 levels. (at 7 am IST)
The indication getting from the Asian and other global markets is negative. The Indian stock markets will open lower and are likely to trade volatile today.
U.S. Stock Market Indexes update
The US stock markets closed lower amid volatility on Tuesday, as first-quarter earnings disappoints investors. The First Republic Bank slipped 49% after reporting mixed quarterly results that showed its deposit fell sharply in March, more than expected. This hit the sentiments of regional banks on Tuesday. Microsoft and Alphabet posted strong quarterly results on Tuesday.
Energy stocks declined due to a fall in crude oil prices amid concerns about the impact of the potential slowing global growth on demand. The key US stock market indexes Dow Jones and S&P 500 declined by 1.02 percent and 1.58 percent respectively while Nasdaq was down by 1.98 percent on Tuesday.
European Stock Market Indexes Updates
European stock market indexes closed mostly lower on Tuesday as investors focused on earnings and looked ahead to earnings updates from major U.S. tech firms and crucial economic data. The renewed banking tension hit the market sentiments after U.S. lender First Republic Bank said its deposits tumbled more than $100 billion last quarter and that it was exploring options such as restructuring its balance sheet.
Banking and mining stocks were among the top losers on Tuesday. Standard Chartered fell sharply after its CEO warned that the banking sector may face fresh issues. Meanwhile, on the economic front, the official data showed that the UK budget deficit widened sharply to the second-highest level for the month of March.
The European stock market indexes FTSE and CAC fell 0.27 percent and 0.56 percent respectively while DAX edged up by 0.05 percent on Tuesday.
Indian stock market updates
Indian stock market indices closed slightly higher amid volatility on Tuesday. The domestic equity markets traded in a tight range, as investors remain cautious due to weak global cues. The market breadth was positive with the advance decline indicating a 3:2 ratio at the close.
Foreign investors were the net sellers, they offloaded shares worth Rs 407.35 crore, while DIIs were the buyers, they bought Rs 563.61 crore on Tuesday.
Q4 Results Today
Maruti Suzuki India, Bajaj Finance, HDFC Life Insurance Company, Indus Towers, SBI Life Insurance Company, Can Fin Homes, IIFL Finance, Oracle Financial Services Software, Poonawalla Fincorp, L&T Technology Services, KPIT Technologies, Shoppers Stop, Supreme Petrochem, Syngene International, Tanla Platforms, UTI Asset Management Company, and Voltas will announce their Q4 results on 25 April, Friday.
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