Trade Setup for Tuesday
Trade setup for Tuesday, Sept 12, 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 market indexes are mostly trading lower on Tuesday, despite the rally in the US markets, as investors remain cautious ahead of key economic data in the region. Japan’s Nikkei is trading higher by 0.17 percent whereas Australia’s S&P/ASX 200 is trading lower by 0.36 percent ahead of the country’s business confidence survey for August.
South Korea’s Kospi is trading lower by 0.50 percent. Shanghai and Hang Seng are also trading lower by 0.10 percent and 1.10 percent respectively. Straits Times is trading in the red while Taiwan is trading slightly higher at 7.05 am IST.
Gift Nifty is trading flat at the 20115 level. The indication from the Asian markets is slightly negative today. Indian stock market indexes will open higher and will trade above their neutral lines.
U.S. Stock Market Indexes Update
The US stock market indexes closed higher on Monday as Telsa and big tech stocks rallied ahead of Apple’s iPhone 15 launch due to Tuesday and inflation data later this week. Tesla gained 10% after Morgan Stanley upgraded the stocks and set a target of $ 400 on AI optimism. The other tech shares Meta Platforms, Apple, and Microsoft also ended higher.
The markets also gained on hopes that Federal Reserves will skip the interest rate hikes in the upcoming September meeting. The semiconductor company Qualcomm gained more than 3% after the company said that it would supply Apple with 5G modems for smartphones through 2026. The deal was announced just ahead of the Apple new iPhone launch day which is due on Tuesday.
The key US stock market indexes, Dow Jones and S&P 500 gained 0.25 percent and 0.67 percent respectively. The rally in Telsa and big tech stocks lifted the Nasdaq Composite index by 1.14 percent at the close.
European Stock Market Indexes Updates
European stock markets started the week on a positive note, as investors are looking ahead to key economic data releases around the globe later this week. Most of the sectoral indices closed in the positive territory, with mining stocks gaining the most.
The market upside remained capped, as investors were cautious ahead of the European Central Bank’s interest rate decision on Thursday. European Commission revised the economic projections for the eurozone amid slower growth in its summer forecast. It was revised down to 0.8% in 2023 from 1% projected in the Spring forecast and 1.4% in 2024 from 1.7%.
The pan-European Stoxx 600 index gained 0.38 percent. The key European stock market indexes, CAC and DAX closed higher by 0.52 percent and 0.36 percent respectively while the UK’s FTSE was up by 0.25 percent on Monday.
Indian Stock Market Indexes
Indian stock market indexes ended higher for the seventh consecutive session on Monday amid mixed cues from Asian markets. Nifty hits 20,000 marks and settled near the day’s high. The markets witnessed a broad-based buying on Monday, apart from blue chips, the broader markets also participated in the rally.
The market breadth was quite strong with the advance decline indicating a ratio of 5:3 at the close. FIIs and DIIs both were buyers in the Indian equity cash segments. FIIs invested shares worth Rs 1473.09 crore while DIIs purchased shares 366.24 crore on Monday.
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Editor’s Desk
