Trade setup for Tuesday 23 May 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today.
Asian stock markets are mostly trading higher on Monday on optimism about the US debt ceiling negotiation talks has resumed. Investors are looking for private survey data on Japan’s manufacturing activity and Singapore’s inflation numbers in April, later in the day. The latest data showed that Hong Kong’s inflation climbed in April, slightly higher than the economist’s expectations.
The key Asian stock market indexes, Nikkei, Hang Seng, and Kospi are trading higher by 0.69 percent, 0.10 percent, and 0.57 percent respectively, while the Shanghai index is trading lower by 0.25 percent. SGX Nifty is trading higher by 25 points or 0.14 percent at 18360 levels at 7.15 am IST.
The indication getting from the Asian markets is positive. The Indian stock markets indexes are likely to open in the green and trade positively today.
U.S. Stock Market Indexes update
The US stock market indexes closed mixed on Monday as investors awaited more clarity on the outcome of debt ceiling talks. Investors remain cautious as economists and administration officials have said a default could create turmoil in financial markets. The shares of Micron fell more than 2 percent on Monday, as China banned sales of Micron Technology chips in its country.
The key US stock market index Dow Jones closed lower by 0.42 percent while S&P 500 ended flat to positive, up by 0.2 percent. The tech-heavy Nasdaq gained 0.50 percent on Monday.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Monday, as investors closely monitored the progress of the US debt ceiling talks and Greek election results. Sectors ended mixed on Monday with travel and leisure stocks ending higher while oil &Gas and mining stocks closed lower
The pan-European Stoxx 600 index trimmed early gains and closed slightly higher by 0.11 percent. In Greece, the index gained 7 percent, after the ruling conservative party, New Democracy, secured a firm lead in elections on Sunday.
The share price of Polymetal declined as the US hit its Russian operations with sanctions, while Dechra stock fell sharply after the company issued a profit warning. The key European stock market indexes CAC and DAX declined by 0.18 percent and 0.32 percent respectively, while FTSE was up by 0.18 percent.
Indian stock market updates
Indian stock market indexes closed higher for the second consecutive day on Monday amid positive cues from Asian markets. The sentiments were upbeat as the US debt ceiling talks are likely to resume after Friday’s pause.
The gains were broad-based, as buying was seen across sectors barring banking and financials. The market breadth was neutral on Monday. FIIs and DIIs both were buyers in the equity cash segments. FIIs bought shares worth Rs 922.89 crore while DIIs purchased Rs 604.57 crore worth of shares.
Q4 Results Today
JSW Energy, Akzo Nobel India, Amara Raja Batteries, Ashok Leyland, Bajaj Electricals, Biocon, CMS Info Systems, Dishman Carbogen Amcis, Metro Brands, NMDC, Sudarshan Chemical Industries, Dixon Technologies (India), Dreamfolks Services, Fortis Healthcare, Linde India, Thyrocare Technologies, TTK Healthcare, and Unichem Laboratories will announce their quarterly earnings on 23 May 2023
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News you should read before the trade setup for today 23 May
RBI in its bulletin released on Monday said that the growth in the first quarter of 2023-24 could be driven by private consumption, supported by a revival in rural demand that is underway on the back of the encouraging developments in both the kharif and rabi seasons and renewed buoyancy in manufacturing in the April-June quarter,
The report also said that investment activity is also expected to improve, drawing strength from the thrust on capital expenditure in public spending and moderation in commodity prices.
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