Trade setup for Friday 11 Aug 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian Stock Markets
Asian stock markets are trading mixed on Friday, as US inflation cools more than expected in July. Singapore’s Q2 GDP grows at 0.1% on QoQ, lower than the 0.3% growth estimated by the government, the country’s growth outlook was narrowed for this year. Japan’s Nikkei is not trading today due to a holiday.
South Korea’s Kospi is trading higher by 0.21 percent while Shanghai and Hang Seng are trading marginally lower by 0.23 percent and 0.14 percent respectively. Singapore Index Straits Times is trading lower by 0.31 percent while Taiwan is trading higher by 0.65 percent at 7.15 am IST.
Gift Nifty is trading marginally higher by 16 points or 0.08 percent at 19556 levels. The indication getting from the Asian markets is mixed. The Indian stock markets are likely to open in the green and will trade sideways.
U.S. Stock Market Indexes Update
The US stock market indexes trimmed most of their early gains on Thursday and closed just above their flatline. The markets gained in the morning deal as US annual CPI inflation rose slower than expected in July and a rally in Disney shares. The US stock market indices pared most of their initial gains as Treasury yields climbed and hit the market sentiments.
The yields on the benchmark 10-year-old Treasury note ticked lower to 3.980% after the inflation data but later rebounded at 4.110% from 4.005% Wednesday’s close. The thorough analysis of the Inflation report showed a rise in core services ex-housing inflation, a closely watched measure for the Fed rose 0.2% after coming flat in the previous month.
On the earning front, Walt Disney gained 6% after beating Wall Street estimates for quarterly profit and announcing a major price hike in streaming. U.S.-listed shares of Alibaba gained after the e-commerce giant reported upbeat quarterly sales. The share price of Wynn Resorts gained more than 2% on a better-than-expected report.
The US stock market indexes, Dow Jones and S&P 500 gained 0.15 percent and 0.03 percent respectively, while Nasdaq Composite Index was up by 0.12 percent on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday as investors digested a new round of corporate earnings and the US CPI inflation data. The modest rise in US inflation data fueled hopes among investors that Federal Reserve will end the interest rate hike journey soon.
Europe’s personal and household goods index lead the gains followed by the travel & leisure sectors on the back of strong earnings and as China lifted its pandemic-era restrictions to boost its tourism sector. Mining sectors closed in the red on Thursday.
On the earning front, Germany’s Allianz gained 4.9% after the company reported better-than-expected quarterly profit. Germany’s LEG Immobilie also gained 3.6% after reporting higher first-half results. Meanwhile, Siemens’s share slipped 4.8% after the German engineering group missed third-quarter profit estimates.
The Europen major indexes, CAC and DAX gained 1.50 percent and 0.90 percent respectively while the UK’s FTSE advanced 0.41 percent on Thursday.
Indian Stock Market Indexes
Indian stock markets ended lower on the weekly expiry day amid volatility. The domestic markets opened lower on Thursday and extended losses after the RBI monetary policy outcome. The market sentiments were dented after RBI revised the inflation forecast from 5.1 to 5.4% and ask banks to maintain an additional 10% cash reserve ratio (CRR).
The market breadth was negative with the advance decline indicating a ratio of 2:4 at the close. FIIs and DIIs were the net buyers in the Indian equity markets, FIIs bought shares worth Rs 331.22 crore while DIIs purchased Rs 703.72 crore on Thursday.
Quarterly Earnings (Q1FY24)
Oil and Natural Gas Corporation, ABB India, Nykaa, Zydus Lifesciences, Apollo Hospitals Enterprise, Glenmark Pharmaceuticals, NALCO, SpiceJet, Astral, BEML, Cochin Shipyard, City Union Bank, Garden Reach Shipbuilders & Engineers, Info Edge India, NMDC, Power Finance Corporation, Raymond, Shree Renuka Sugars, Hindustan Aeronautics, HEG, Indian Railway Finance Corporation, Jindal Steel & Power, Kalpataru Projects International, Muthoot Finance, Sun TV Network, and others will announce their Q1FY24 quarterly earnings on Aug 11
Note:- With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy for Free. Click here to Open Free Trading and Demat Account and get Life Time Demat AMC Free with Flat Rs 20 Brokerages
If you like the “Trade Setup for Friday 11 Aug: Stock Market Today” please share it with others.
You may also like to read, Gift Nifty: The Rebranded SGX Nifty Starts Trading July 3rd
Best Options Trading Books in India-Must Read 2022
Happy Investing!!
Editor’s Desk
