Trade Setup for Wednesday 3 August 2022
Trade setup for Wednesday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today August 3, 2022
The Asian stock market indexes are trading positive on Wednesday, despite negative cues from the US markets overnight. Nikkei is trading up by 0.67 percent while Hang Seng and Shanghai are trading higher by 1.12 percent and 0.55 percent respectively. The SGX Nifty is also trading higher by 44 points or 0.26 percent at 17370 levels.
The indication getting from the Asian markets is positive, Indian stock markets are likely to open in the green. Nifty may open above 17350 levels today
The US and European market indexes update
US stock markets ended a choppy session lower on Tuesday as US Hous Speaker Nancy Pelosi’s visit to Taiwan added geopolitical tension. The market sentiment was also dented after the Fed officials indicated that their fight against surging inflation was still going strong. Last week, stocks rallied on hopes that the worst of inflation and rate hikes could be over. But the comments from Fed officials on Tuesday suggested that such excitement might be premature
All the three key US market indexes closed in the red, with the blue-chip Dow declining the most. S&P 500 and Nasdaq closed lower by 0.67 percent and 0.16 percent respectively while Dow Jones fell 1.23 percent on Tuesday.
European markets slightly fell on Tuesday as weak factory data in the US, Europe, and China fanned economic slowdown fears. While investors were concerned about the US-China tension over Taiwan. Miners were among the biggest drags on Tuesday, falling 1.4% amid a drop in commodity prices.
The Pan-European STOXX 600 fell 0.2% on Tuesday. The European key indexes CAC and DAX fell 0.42 percent and 0.23 percent respectively while FTSE was down by 0.06 percent on Tuesday.
Indian stock market updates
Indian stock markets closed flat after the last hour’s volatility on Tuesday. The geopolitical tension between US-China over Taiwan and the latest weak manufacturing data in the US, Europe, and China weigh on the market sentiments. The market breadth remained strong once again with Advance Decline indicating a ratio of 3:2 at the close. FIIs and DIIs both were net buyers in the equity cash segment, FIIs bought Rs 825.18 crores while DIIs bought Rs 117.79 crores on Tuesday.
Today’s Q1 Earnings
Lupin, Adani Power, InterGlobe Aviation, Vodafone Idea, Godrej Consumer Products, Aditya Birla Capital, Adani Transmission, Adani Wilmar, BASF India, Birlasoft, Gujarat Gas, Inox Leisure, KEC International, Chambal Fertilisers, Devyani International, Firstsource Solutions, Paras Defence and Space Technologies, PI Industries, Sandhar Technologies, etc will announce their quarterly earnings today
News you should read before the trade setup for Wednesday 3 August 2022.
According to Commerce Secretary BVR Subrahmanyam said on 2 August, the country’s merchandise trade deficit widens to a new record high of $31.02 billion in July. This is due to the rise in crude oil and coal imports. The previous record high made in the last month was $26.18 billion. The trade deficit was only $10.63 billion in the same period last year.
As per the government official data, the merchandise imports stood at $66.26 billion in July compared to $46.15 billion in the same month last year. While exports stood at $ 35.24 billion in July 2022, which is almost the same compared to the same period last year.
India’s unemployment rate in July fell to 6.80 percent, the lowest in the last six months, amid rising agriculture activities during monsoon, according to CMIE data. The unemployment rate has declined from 7.80 percent recorded in June.
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