Trade setup for Thursday 18 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 trading higher on Thursday, tracking positive cues from Wall Street overnight. Nikkei is trading higher by 1.25 percent, as investors digested Japan’s trade data for April. The other key Asian stock market indexes, Hang Seng, Shanghai, and Kospi are also trading higher by 0.64 percent, 0.44 percent, and 0.35 percent respectively.
SGX Nifty is trading 43 points up at 18275 levels. The indication getting from the Asian market is positive today. Indian stock market indexes are likely to open in green but remain volatile due to weekly expiry.
U.S. Stock Market Indexes update
The US stock market indexes closed higher on Wednesday amid optimism about the debt ceiling deal negotiation. The top-ranking lawmakers met with President Joe Biden at the White House on Tuesday and expressed a default could be averted. Retailers continued to announce the Q1 earnings, Target Corporation gained more than 2 percent after upbeat Q1 results but the Q2 profit outlook disappoints.
Gains in regional banking shares lifted the US market sentiments on Wednesday. Western Alliance Bancorporation shares surged 10 percent and led other regional banks’ shares higher after it gave another update on deposits, which continued to rise in May.
The key US stock market indexes, Dow Jones and S&P 500 gained 1.24 percent and 1.19 percent respectively while Nasdaq was up by 1.28 percent on Wednesday.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Wednesday as investors kept an eye on the development of the US debt ceiling deal negotiation. Traders also took note of further quarterly earnings with Commerzbank, Siemens, and JD Sports, adjusting their outlook for the year ahead. Commerzbank fell around 4% at the close, despite the German bank showing its profit doubled in the first quarter.
The pan-European Stoxx 600 index fell 0.18 percent on Wednesday. The key European stock market indexes, FTSE and CAC closed slightly lower by 0.36 percent and 0.09 percent respectively while DAX gained 0.33 percent on Wednesday.
Indian stock market updates
Indian stock market indices closed lower for the second straight session on Wednesday. The market sentiments were negative due to weak global cues. On the domestic front, IMD’s prediction on dealy in southwest monsoon in Kerala also hit market sentiments.
The market breadth was overall flat on Wednesday with the advance decline indicating a neutral ratio at the close. FIIs were the net buyers while DIIs were the net sellers on Wednesday. FIIs bought shares worth Rs 149.33 crore while DIIs offloaded shares worth Rs 203.87 crore.
Q4 Results Today
State Bank of India, ITC, GAIL (India), InterGlobe Aviation, Arvind, Bata India, Clean Science and Technology, Container Corporation of India, PTC India Financial Services, PI Industries, PNB Housing Finance, RITES, Shalby, Tata Elxsi, Gland Pharma, Gujarat Narmada Valley Fertilizers & Chemicals, Gulf Oil Lubricants India, Krishna Institute of Medical Sciences, Ujjivan Financial Services, United Spirits, and Zydus Lifesciences will announce their quarterly earnings on 18 May 2023
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