Trade Setup for Tuesday 11 April: Stock Market News
Trade setup for Tuesday 11 April 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 higher on Tuesday as the Bank of Korea kept the interest rates unchanged, in line with expectations. Sentiments are also positive as the US markets mostly closed higher overnight.
The key Asian stock market indexes, Nikkei and Hang Seng are trading strong, up by 1.09 percent and 1.02 percent respectively. The Shanghai index is trading lower by 0.27 as China’s inflation slowed in March despite the pick-up in economic activity.
SGX Nifty is trading higher by 27 points or 0.15 percent at 17712 levels. The indication getting from the Asian stock markets is positive. The Indian stock markets will open higher today and will trade in a range bound.
U.S. and European stock market indexes update
The US stock markets indexes closed mixed on Monday. Dow and S&P 500 closed higher due to a surge in chip stocks. Nasdaq closed slightly lower as big tech stocks closed in the red due to concerns about further Fed interest rate hikes after the March job report. Investors are now looking for CPI inflation data and earnings scheduled during the week.
Tech stocks also fell due to the rising Treasury yields, while energy stocks gained despite a fall in oil prices. Financial stocks managed to close in the green as some regional banks including First Republic Bank turned positive ahead of the quarterly earnings seasons. Investors will be closely watching the banking earnings to gauge the stress of the banking sectors after the recent banking crisis.
The key US stock market indexes, Dow Jones and S&P 500 gained 0.30 percent and 0.10 percent respectively while Nasdaq closed slightly lower by 0.03 percent on Monday.
The European stock markets were closed on Monday on account of four day Easter holiday. Europe markets will reopen on Tuesday 11 April.
Indian stock market updates
Indian stock markets ended slightly higher amid volatility on Monday. The domestic markets pared all intraday gains but managed to close in the green for the sixth consecutive day. The market sentiments were cautious ahead of crucial economic data and FOMC minutes, expected during the week.
The market breadth was slightly on the positive side with an advance decline indicating a ratio of 4:3 at the close. FIIs and DIIs both were net buyers in the equity cash segments. FIIs bought Rs 882.52 crore worth of shares while DIIs bought Rs 351.50 crore on Monday.
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