Trade Setup for Friday 12 August 2022: Market News
Trade setup for Friday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today August 12, 2022
Asian markets are trading mostly in the red on Friday following the mixed cues from Wall Steet overnight. Nikkei is trading higher by 2.28 percent while Hang Seng and Shanghai are trading marginally lower by 0.25 percent and 0.06 percent respectively. SGX Nifty is also trading slightly lower by 12 points or 0.07 percent at 17671 levels.
The indication getting from the Asian markets is slightly negative. The Indian stock market indexes are likely to open marginally higher today. Nifty may open between 17670-17700 levels today.
The US and European market indexes update
The US stock market indexes gave up early gains and closed mixed on Thursday despite the producer price data suggesting that inflation might be peaking. The oil & gas financials, and basic materials sectors led the stocks higher while losses in healthcare, technology, and consumer goods sectors led the shocks lower on Thursday.
The US market key indexes, S&P 500 and Nasdaq closed lower by 0.07 percent and 0.58 percent respectively while Dow Jones closed higher by 0.08 percent on Thursday.
The pan-European STOXX 600 index gained just 0.06 percent, despite the better-than-expected US producer price data released on Thursday. The key European stock market indexes closed mixed after the insurer Aegon jumped 9 percent due to the strong corporate earning forecast. Oil stocks led gains as crude oil prices rose over 1 percent after the International Energy Agency raised its oil demand growth forecast for this year.
European market key indexes, FTSE and DAX closed lower by 0.55 percent and 0.05 percent respectively while CAC gained 0.33 percent on Thursday.
Indian stock market updates
Indian stock markets closed higher on Thursday amid positive global cues. The benchmark indices, Sensex and Nifty gained 0.88 percent and 0.71 percent respectively. The Market breadth was equity strong with the Advance Decline indicating a ratio of 3:2 at the close with PSU banks, Midcap IT, and Midcap pharma gaining momentum. FIIs were the net buyers, they bought Rs 2298.08 crore while DIIs sold Rs 729.56 crore in the equity cash segment on Thursday.
Today’s Q1 Earnings
ONGC, Life Insurance Corporation of India, Hero MotoCorp, Grasim Industries, Divis Labs, Zee Entertainment Enterprises, Aegis Logistics, Dilip Buildcon, Dhani Services, Finolex Cables, Godrej Industries, Hindustan Aeronautics, Indiabulls Real Estate, India Cements, Kolte-Patil Developers, Muthoot Finance, Info Edge India, Power Finance Corporation, Ahluwalia Contracts, Apollo Tyres, Astral, Bajaj Electricals, Bajaj Healthcare, Bajaj Hindusthan Sugar, Balaji Amines, Bharat Dynamics, Campus Activewear, will announce their quarterly earnings today.
News you should read before the trade setup for Friday 12 August 2022.
According to the PTI sources, India is likely to be the fastest growing economy in the world this year. The Indian government is taking constant measures and is monitoring and engaging with RBI to bring down inflation. The inflation number has remained above RBI’s comfort zone of 6% over the last six months in a row. The July CPI inflation is expected today after the market hours.
The US producer price sharply fell in July amid a drop in energy product prices while jobless claims rose for a second straight week in a labor market that remains tight.
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