Trade set up for Tuesday 8 March 2022- Market News
Trade set up for Tuesday 8 March 2022- Latest market news ahead of the opening bell
Trade set up for Tuesday- Good morning and welcome to the morning reports, the top things to know before the market opens today March 8, 2022
Asian markets are trading in the red on Tuesday tracking negative cues from the US markets overnight. Nikkei and Shanghai are trading marginally lower by 0.18 percent and 0.45 percent respectively whereas Hang Seng is trading higher by 0.78 percent. SGX Nifty is trading lower by 64 points or 0.41 percent at 15778 levels.
The indication getting from the other Asian markets is negative today. Indian stock market indexes are likely to open in the red with cautious bias.
The US and European market Indexes update
The US market key indexes slipped more than 2 percent on Monday as oil prices hit a multi-year high on a possible ban on Russian oil and on concerns about inflation and economic growth. Dow Jones fell 2.37 percent and close in correction territory for the first time in two years. S&P 500 and Nasdaq were down by 2.95 percent and 3.62 percent respectively on Monday.
European market indexes recovered their early losses on Monday but still closed in the red as investors were worried about the potential ban on Russian oil imports news. The escalation of the Russia-Ukraine war continued to hit airline stocks in Europe. European market indexes, FTSE was down by 0.40 percent while CAC and DAX were closed lower by 1.31 percent and 1.98 percent respectively on Monday.
Indian stock market updates
It was a gap-down start for the Indian stock market on Monday due to a surge in crude oil prices. The benchmark indices erased some early losses and closed more than 2 percent lower. FIIs were the seller and DIIs were the buyers in the cash segment. FIIs sold Rs 7482.08 crore while DIIs bought Rs 5331.03 crore in the cash segment on Monday.
Top news and updates you should know before the trade set up for Tuesday, March 8, 2022
Russia warns Western Countries could face $300 per barrel crude oil prices and the possible closure of the main Russian-Germany gas pipeline if US and EU ban imports of Russian oil, the statement came from Russian Deputy Prime Minister Alexander Novak on Monday.
The British Investment Bank, Barclays has revised India’s CPI-based inflation projection upwards to 5.1% YoY for FY2022-23, due to crude price rise. It was earlier estimated at 4.5% in line with the Reserve Bank of India’s (RBI) projection, which was given in February 2022 at the Monetary Policy Committee meeting.
On Monday, Commerce and Industry minister Piyush Goyal said that India’s goods export is likely to touch $410 billion in FY22, slightly higher than $400 billion it estimated earlier, despite the tension in the northern part of Europe and Asia. The services exports are likely to cross $250 billion in FY22. He further said, possibly for the first time, that close to 25% of the nation’s gross domestic product (GDP) would come from overall exports.
While surges in crude oil prices and Russia-Ukraine Crisis are grabbing headlines, election results will further increase the volatility in the Indian stock markets on 10 March. The exit poll of the election results says BJP will get a majority in UP, Uttrakhand, and likely to form government in Manipur and Goa whereas AAP will form government in Punjab. We may see some positive reactions in the Indian markets today based on the exit poll.
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