Trade Setup for Thursday 23 Feb: Stock Market News

 

Trade setup for Thursday 23 Feb 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock markets are trading mostly in green on Thursday after the US Federal Reserve released the minutes of its last meeting which showed more interest rate hikes are in the pipeline to tame inflation. Nikkei is not trading today due to a public holiday. Hang Seng and Shanghai are trading higher by 0.19 percent and 0.36 percent respectively. SGX Nifty is trading higher by 54 points or 0.31 percent at 17611 levels.

The indication getting from the Asian stock markets is slightly positive. The Indian stock market indexes are likely to open in the green today, markets are expected to remain volatile, as Feb month’s F&O expiry is scheduled today.

 

U.S. and European stock market indexes update

 

The US stock market indexes closed mixed on Wednesday, as the minutes from the Fed’s last meeting indicated further rate hikes in the pipeline to curb inflation. The Federal Reserve’s minutes showed a restrictive policy stance needed to maintain inflation on a substantially downward trend. The 10-year Treasury note yields ticked down to 3.922%, after reaching 3.953% Tuesday, the highest end-of-day level since November.

The equity benchmark indexes, Dow Jones and S&P 500 ended lower by 0.26 percent and 0.12 percent respectively while Nasdaq was up by 0.13 percent. Crude oil prices closed lower by 3% while the quarterly results announced were mixed on Wednesday.

European stock market indexes closed lower on Wednesday, as investors gauge the global economic outlook and await the minutes from the U.S. Federal Reserve’s latest monetary policy meeting.  Investors digested higher German inflation readings and more corporate earnings ahead of the Fed minutes.

The pan-European Stoxx 600 closed 03% lower on Wednesday, with most sectors closed in the red. Mining and Banking stocks fell the most while media stocks gained on Wednesday. The key European indexes, FTSE and CAC closed lower by 0.59 percent and 0.13 percent respectively while DAX closed flat to positive.

 

Indian stock market updates

 

Indian stock market indexes closed sharply lower on Wednesday amid weak global cues. The Sensex and Nifty fell consecutively for the fourth trading session and closed below their psychological levels. All sectors were closed in the red on Wednesday. The market breadth remains weak with the advance decline indicating a ratio of 1:3 at the close. FIIs were the net sellers, they offloaded Rs 579.82 crore worth of shares while DIIs bought Rs 371.56 crore in the equity cash segment on Wednesday.

 

News you should read before the trade setup for today 23 Feb

 

On Wednesday, the International Monetary Fund’s MD Kristalina Georgieva said that the emerging markets and developing economies are expected to account for around 80 percent of the global growth this year and the next. Georgieva further said that India’s strong economic performance is a ‘bright spot’ and said that India alone is expected to contribute over 15 percent of the global growth.

According to the minutes of the RBI monetary policy meetings on Feb 8, the six-member panel decided to hike the repo rate by a mandate of four in favor (including RBI Governor Shaktikanta Das) while two were against it. The minutes of the MPC meeting felt that the outlook on global growth has improved in recent months, despite the persistence of geopolitical hostilities and the impact of monetary policy tightening by central banks across the world.

 

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Editor’s Desk