Trade Setup for Wednesday 29 March: Stock Market News

 

Trade setup for Wednesday 29 March 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 higher on Wednesday, as Hong Kong-listed Alibaba shares jumped 15 percent after the Chinese tech giant announced it will split into six business groups. The key Asian stock market indexes, Nikkei and Hang Seng are trading higher by 0.47 percent and 2. 41 percent respectively, while the Shanghai index is trading almost flat at 7.10 am IST.

SGX Nifty is trading marginally higher by 19 points or 0.11 percent at 17010 levels. The indication getting from the Asian markets is positive today. The Indian stock markets are likely to open in the green territory and remain volatile due to the monthly F&O expiry.

 

U.S. and European stock market indexes update

 

The US stock market indexes closed in the red on Tuesday, as the focus now shifted from banking turmoil to Fed’s rate hikes. The information technology and communications-services sectors fell the most as Treasury yields rose. The higher Treasury yields are due to better-than-expected consumer confidence data in March, which now suggests that the Fed would continue to push forward with the hawkish policy. 

The key US stock market indexes, Dow Jones and S&P 500 fell 0.12 percent and 0.16 percent respectively while the tech-heavy Nasdaq was down by 0.45 percent on Tuesday.

European stock market indexes gave up early gains and closed slightly higher on Tuesday. While the banking crisis seems to have subsided, markets were struggling for a direction in absence of any major trigger. The pan- European Stoxx gave up all gains and closed flat after rising as much as 0.8% during the day. 

Among the sectors, Banks, Energy, IT, and Telecom sectors were gainers while the Realty sector slipped on Tuesday. The key European stock market indexes, FTSE and CAC gained 0.17 percent and 0.14 percent respectively while DAX closed slightly higher by 0.09 percent on Tuesday.

 

Indian stock market updates

 

Indian stock markets closed marginally lower on Tuesday despite positive global cues. The global stock markets mostly closed higher in hopes that the banking crisis ends after recent developments. The market breadth was negative with the advance-decline indicating a ratio of 1:3 at the close. Foreign institutional investors ( FII) were the net buyers, they bought Rs share worth Rs 1531.13 crore while Domestic Institutional Investors (DII) were the seller and sold Rs 156.11 crore

 

News you should read before the trade setup for today 29 March

 

On Tuesday, the Union Commerce and Industry Minister Piyush Goyal said Indian goods and services exports have crossed the $750 bn mark for the first time. In 2021-22, the country’s goods and services export touched an all-time high of $422 bn and $254 bn respectively with total shipments of $676 bn. 

Though services growth was much faster than goods, both are good and we can end up with about $760 bn exports by year-end, Piyush Goyal said in an event.

According to Fitch Ratings, the rising capital expenditure (capex) trend of Indian corporates is likely to continue and grow at 10%-12% a year during the next fiscal year to March 2024. Fitch said capex was flat from FY19 to FY21 and grew 16% in FY22. You can read the full report in the economic times here

 

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Happy Investing!!

Editor’s Desk