Trade Setup for Wednesday: Stock Market Today (28 February 2024)
Trade Setup for Wednesday, 28 Feb 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Market Indexes
The Asian stock market indexes are mostly trading lower on Wednesday, as investors are looking ahead to US inflation and China’s manufacturing activity data later this week. Japan’s Nikkei 225 is trading lower by 0.26%, while Australia’s S&P ASX 200 is marginally down by 0.04%.
South Korea’s Kospi index is trading higher by 0.41%. Shanghai index is trading up by 0.15%, while Hang Seng is trading lower by 0.27%. The Straits Times is down by 0.28% at 7.10 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed mixed on Tuesday. The Dow Jones closed lower by 0.25% as energy stocks slipped, while the S&P 500 and Nasdaq Composite index gained 0.17% and 0.37% respectively, as dip buying emerged in the tech stocks.
Quarterly earnings remained in focus, Macy’s and Lowe’s gained and pushed other retail stocks higher after beating the market expectations. The share price of Zoom gained after reporting stronger quarterly earnings, while Unity Software and Workday fell sharply after reporting weaker-than-expected guidance.
On the economic front, CB Consumer confidence data unexpectedly fell in February as compared to January, marking its three-month low due to the inflation impact on consumers. Meanwhile, Durable goods orders fell sharply in January due to a drop in bookings for commercial aircraft.
European Stock Market Indexes Updates
European stock markets closed higher on Tuesday despite weakness in the global markets and ahead of the inflation data from the region and the US markets later this week. On the macroeconomic front, the German consumer sentiment index published jointly by GfK and the Nuremberg Institute for Market Decisions is seen stable in March but at low levels.
Germany will release its January inflation data on Thursday followed by other European countries on Friday. The pan-European Stoxx 600 index closed higher by 0.23%, with major sectors ending in positive zone. Mining stocks gained the most, while media stocks fell.
The major European stock market indexes, CAC and DAX gained 0.23% and 0.76% respectively, while the UK’s FTSE closed flat to the negative, down by only 0.02%.
Indian stock markets
Indian stock market indexes closed higher amid volatility on Tuesday. The domestic markets opened slightly lower following weakness in global markets and traded volatile in a tight range in the morning deal. However, markets rebounded in the second half on the back of buying in Realty and IT stocks and ended with decent gains.
The market breadth was negative with the advance decline indicating a 4:5 ratio at the close. FIIs were the net sellers in the equity cash segments, while DIIs were the net buyers on Tuesday. FIIs offloaded shares worth Rs 1509.16 crore while DIIs bought shares worth Rs 2861.56 crore.
Stock Market Today
The cues from the US and Asian markets are mixed today. Gift Nifty index closed higher by 35 points on Tuesday and is currently trading at 14 points up, at the 22231 level. The indication from the Gift Nifty is slightly positive. Indian stock market indexes are likely to open higher and will trade volatile today.
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