Trade Setup for Friday 13 Jan: Stock Market News
Trade setup for Friday 13 Jan 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes mostly opened higher on Friday following the ease in inflationary pressure in the U.S. with the expectation that Fed may slow down its interest rate hikes in the upcoming meeting. Japan’s Nikkei is trading lower by 1.28 percent, as the outlook for exporters clouded over with the yen’s recent rise and due to Fast Retailing missed the earnings estimates. Hang Seng and Shanghai are trading higher by 0.19 percent and 0.36 percent respectively.
SGX Nifty is also trading higher by 48 points or 0.27 percent at the 17966 level. The indication getting from the Asian and the U.S. markets is positive. The Indian stock market indexes are likely to open higher today, due to positive global cues and the optimistic domestic economic data released on Thursday.
U.S. and European stock market indexes update
U.S. Stock market indexes ended higher on Thursday after the latest data showed that retail inflation fell in December due to softness in gasoline and food prices, suggesting a downward trend. Investors cheered as this prompted smaller rate hikes by the Federal Reserve in its next policy meeting.
The longer-term U.S. Treasury yields and the dollar index fell after the release of Inflation data on Thursday. Energy stocks were the biggest gainer on Thursday. The key U.S. stock market indexes Dow Jones and Nasdaq gained 0.64 percent each while S&P 500 was up by 0.34 percent.
European stock markets closed at the highest level since April 2022 after the release of U.S Inflation data. Almost all major sectoral indices ended in the green, retail stocks led the gains while chemical and healthcare stocks closed slightly lower.
The pan-European Stoxx 600 advanced by 0.7 percent at the close. European key indexes FTSE was up by 0.89 percent while CAC and DAX closed higher by 0.74 percent each on Thursday.
Indian stock market updates
Indian stock markets closed marginally lower on Thursday amid volatility. The market participants were cautious ahead of the domestic and US retail inflation data. The market breadth was slightly on the negative side with the advanced decline ratio indicating 3:4 at the close. FIIs were the net sellers in the Indian equity markets, they offloaded Rs 1662.63 crore worth of shares while DIIs bought Rs 2127.65 crore on Thursday.
Q3 Results Today
Wipro, L&T Finance Holdings, Aditya Birla Money, Just Dial, The Anup Engineering, Choice International, Ganesh Housing Corporation, and Rajnish Wellness will announce their 3rd quarterly results
News you should read before the trade setup for today 13 Jan
According to the statistics ministry, India’s CPI-based retail inflation eased to 5.72 percent for the third consecutive month in December. The retail inflation in November was 5.88 percent and the market expectation was 5.9 percent in December. The Consumer Price Index (CPI) inflation averaged 6.1 percent in October-December, well below the Reserve Bank of India’s (RBI) forecast of 6.6 percent.
Another data released by the Ministry of Statistics and Programme Implementation (MoSPI) showed that the country’s Industrial growth accelerated in November. The Index of Industrial Production (IIP) data released on Thursday showed that industrial production rebounded to 7.1 percent in November after it had contracted by 4 percent in October.
Retail inflation in the U.S. also eased to 6.5 percent in December as per analyst estimation. This is compared with a year earlier, marking the 6th consecutive month’s deceleration since the June -2022 peak of 9.1%. Retail inflation was recorded at 7.1 percent in November 2022.
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