Trade Setup for Friday: Stock Market Today (12 Jan 2024)
Trade Setup for Friday, 12 Jan 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock market indexes are trading mostly in the red on Friday, as investors are waiting for the inflation and trade data from China later in the day. Japan’s Nikkei 225 continued its record-breaking rally, up by 1.27%, while Australia’s S&P ASX 200 index slightly down by 0.14%.
South Korea’s Kospi index is trading lower by 0.25%. Shanghai is trading flat ahead of crucial economic data due later in the day. Hang Seng is trading slightly lower by 0.08%. The Straits Times and Taiwan are also trading in the red territory at 7.10 am IST.
U.S. Stock Market Indexes Updates
US stock market indexes mostly recovered their intraday losses and closed flat on Thursday, as data showed the US consumer price index came in hotter than expected in December. However, core inflation came a tick lower than the previous month, but slightly above expectation. The 10-year Treasury yields spiked to 4.072% after the inflation data but later settled at 3.972% on Thursday, it was closed at 4.034% on Wednesday
Traders shrugged off the concern about higher inflation and the focus shifted to big bank earnings and PPI data due on Friday. Traders hope of an early interest rate cut remains intact, as the CME FedWatch tools show 73.2% in favor of ease in interest rate in March Fed policy.
The US key indices, the Dow Jones Industrial Average (DJIA) closed higher by 0.04%, while the S&P 500 index was down by 0.07%. The tech-heavy Nasdaq closed flat the positive on Thursday.
European Stock Market Indexes Updates
The major European stock market indexes pared intraday gains and closed lower on Thursday after hotter-than-expected US inflation data released for December. The UK’s retailer Marks & Spencer fell more than 5% after pointing to near-term challenges, despite reporting robust sales growth in Christmas.
The pan-European Stoxx 600 index closed lower by 0.77% as the much-awaited US inflation came higher than expected. All major sectoral indexes ended in the red, Banks fell the most followed by Utility stocks. The key European stock market indexes, CAC and DAX closed lower by 0.52% and 0.86%, respectively, while the UK’s FTSE was down by 0.99% on Thursday.
Indian stock markets
Indian stock market indexes closed marginally higher on Thursday, gaining for the third consecutive day. The domestic markets opened higher tracking positive global cues and traded a range-bound most of the session. However, markets traded slightly volatile in the last hour and closed with minor gains.
The market breadth was positive with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net sellers in the Indian equity cash segment, while DIIs were the net buyers. FIIs sold shares worth Rs 865 crore while DIIs bought shares worth Rs 1607.08 crore on Thursday.
Stock Market Today
The cues from Asian and US markets are slightly negative. Gift Nifty gained 21 points on Thursday but currently trading 6 points down at 21700 levels. Asian market trends may change after the release of China’s economic data later in the day. The indication from the Gift Nifty is slightly positive today. Indian stock market indexes are likely to start on a flat note and remain volatile ahead of India’s CPI and IIP data due later in the day.
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