Trade Setup for Wednesday 26 July: Stock Market Today
Trade setup for Wednesday 26 July 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 mostly trading lower on Wednesday ahead of the Federal Reserve interest rate decision and its guidance for further rate hike path, which is due later in the day. The key Asian stock market indexes Kospi, Hang Seng, and Shanghai are trading lower by 1.03 percent, 0.30 percent, and 0.13 percent respectively, while Nikkei erased early losses and turned positive at 7.20 am IST.
Gift Nifty is also trading slightly negative, down by 7 points or 0.04 percent at 19718 levels. The indications getting from the Asian markets are slightly negative today. Indian stock market indexes are likely to open on a cautious note and will remain volatile today.
U.S. Stock Market Indexes update
The US stock markets closed higher on Tuesday ahead of the big tech earnings, as Google parent Alphabet and Microsoft reported their quarterly results after the closing bell. Tech stocks were also traded higher in the hope that the Fed would soon end its interest rate hikes cycle. Investors were cautious ahead of Fed’s meeting outcome and the post-meeting press conference for further rate hike guidance, which is due on Wednesday.
The shares of Spotify tanked over 10% after the company reported losses in the second quarter. General Electric added around 7% after the company reported strong earnings due to rising demand for its jet engine. 3M share was up around 6% after the company raised full-year earning expectations. Microsoft and Alphabet reported their quarterly results post-market on Tuesday and both beat Wall Street estimates.
The US key indexes, Dow Jones and S&P 500 gained 0.08 percent and 0.28 percent respectively, while the tech-heavy Nasdaq was up by 0.68 percent on Tuesday. Dow and Nasdaq futures are trading marginally lower at 7 am IST ahead of the Fed interest rate decision, due later in the day.
European Stock Market Indexes Updates
European stock markets ended higher on Tuesday, as investors digested economic data and corporate earnings and are looking ahead to a central bank meeting, which is due later this week. A survey released in the UK by the Confederation of British Industry showed that sentiment among manufacturers improved for the first time in two years in July.
On the earning front, Unilever shares gained to the top of the FTSE 100 after the company beat analyst expectations in the second quarterly results. Mining stocks lead gains in Europe after China ramp up various measures to boost the domestic economy.
The pan-European Stoxx 600 index gained for the sixth consecutive session by 0.47 percent on Tuesday. The key European stock market index, CAC closed lower by 0.16 percent while DAX gained 0.13 percent. The UK’s FTSE was up by 0.17 percent on Tuesday.
Indian Stock Market Indexes
Indian stock markets ended with little changes amid volatility on Tuesday. The market sentiments were dented due to the strengthening dollar index and FIIs outflow in the last two days. Investors were also cautious due to rising crude oil prices and ahead of Fed’s interest rate decision.
The market breadth was neutral with the advance-decline indicating an almost equal ratio at the close. FIIs turned buyers on Tuesday after selling for two days, they bought Rs 1088.76 crore while DIIs turned net sellers and they offloaded Rs 333.70 crore.
Quarterly Earnings (Q1FY24)
Axis Bank, Bajaj Finance, Dr. Reddy’s Laboratories, Tech Mahindra, Shree Cement, Tata Consumer Products, Bharat Petroleum Corporation, Cipla, Punjab National Bank, REC, Colgate-Palmolive, Godfrey Phillips India, HFCL, Jindal Stainless, Mahindra Lifespace Developers, Novartis India, Oracle Financial Services Software, Aditya Birla Sun Life AMC, Aegis Logistics, Aether Industries, Deepak Fertilisers, GlaxoSmithKline Pharmaceuticals, Praj Industries, Syngene International, and TeamLease Services others will announce their Q1FY24 quarterly earnings on 26 July.
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News you should read before the trade setup for today 26 July 2023
On Tuesday, The International Monetary Fund IMF projected a growth rate of 6.1 percent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection. This is reflective of the “momentum” from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the IMF said.
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