Trade Setup for Friday 11 Nov: Stock Market News
Trade setup for Friday 11 Nov– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian markets are trading higher on Friday tracking positive cues from Wall Street overnight. Nikkei, Hang Seng, and Shanghai are trading higher by 2.79 percent, 5.54 percent, and 1.71 percent respectively. SGX Nifty is trading strong at this moment, up 330 pts or 1.83 percent at 18427 levels.
The indication getting from the global markets is very positive. The Indian stock market indexes will open a gap-up today. Nifty may open above multiple breakout levels today.
The US and European market indexes update
The US stock market indexes rallied after the labor department showed the annual CPI number below 8 % for the first time in eight months. The latest CPI number cheered investors as it has eased the ongoing worries about interest rate hikes
The US key indexes, Dow Jones and S&P 500 gained 3.70 percent and 5.54 percent respectively while Nasdaq jumped 7.35 percent on Thursday.
European stock market indexes jumped on Thursday after US inflation on the hope that Fed may go less aggressive in increasing interest rates in its next meeting. All major sectors closed in the green, tech stocks rallied the most and closed higher by 7.6% while Oil and gas stocks ended marginally lower by 0.4%.
The pan-European Stoxx 600 gained 2.8% higher after the US CPI inflation was announced. The key European indexes CAC and DAX rose 1.96% and 3.51% respectively while FTSE was up by 1.08% on Thursday.
Indian stock market updates
Indian stock market indexes fell on Thursday amid weak global cues, as investors were cautious ahead of US inflation data, US political uncertainty, and the Crypto crisis also hit market sentiments. The market breadth was weak on Thursday, Sensex and Nifty fell 0.69 percent and 0.71 percent respectively. FIIs were the net buyers, buying Rs 36.06 crore worth of shares while DIIs sold Rs 967.13 crore in the equity cash segments.
FY23 Second Quarterly Results Today
Hindalco Industries, Mahindra & Mahindra, Life Insurance Corporation of India, ABB India, Adani Power, Alkem Laboratories, Alembic Pharmaceuticals, Ashoka Buildcon, Astral, AstraZeneca Pharma India, Bharat Dynamics, BHEL, Delhivery, Dhani Services, Easy Trip Planners, Pfizer, Sun TV Network, Thermax, Ujjivan Financial Services, Zee Entertainment Enterprises, Emami, Exide Industries, Fortis Healthcare, GSK Pharma, Glenmark Pharma, Hindustan Aeronautics, Ipca Laboratories, Lemon Tree Hotels, and Zydus Lifescienceswill announce their second quarter results today
News you should read before the trade setup for today 11 Nov
According to SBI, rising software exports, remittances and a likely $5 billion jump in forex via swap deals will restrict India’s current account deficit (CAD) limited to 3 percent against the consensus of 3.5 percent. SBI further said that if we translate these numbers in actual terms, every Re 1 fall against the dollar leads to an increase in software exports by $250 million.
The US inflation eased in October, as underlying price increases excluding energy and food slowed from a four-decade high. The Labour Department showed that CPI-based inflation rose to 7.7% in October from the same period last year. It was reported at 8.2% in September and touched its highest at 9.1% in four decades.
The US initial jobless claims ticked higher by 7000 to a seasonally adjusted 225000 last week but remained near historically low levels.
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