Trade Setup for Friday 14 July: Stock Market Today
Trade setup for Friday 14 July 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian Stock Markets
The other Asian stock market indexes are mostly trading higher on Friday tracking the positive cues from Wall Street overnight. Japan’s Nikkei erased its early gains and is trading lower by 0.51 percent ahead of Industrial out data for May. South Korea’s Kospi is trading higher by 0.96 percent as the central bank held rates on Thursday. Shanghai and Hang Seng are trading higher by 0.04 percent and 0.33 percent respectively at 7.10 am IST.
Gift Nifty is trading marginally lower by 14 points or 0.07 percent at 19544 levels. The indication getting from the Asian and other global markets is positive today. The Indian stock market Indexes are likely to open higher and trade in the positive territory.
U.S. Stock Market Indexes update
The US stock markets closed higher on Thursday as tech stocks rallied after producer price inflation falls. The market sentiments were further improved after Pepsico and Delta announced better-than-expected quarterly earnings just a day ahead of results from major US banks.
However, the upside remains capped as the weekly jobless claims fell more than expected indicating a strong job market which can again fuel the expectations of the Fed rate hikes in upcoming meeting.
Alphabet gained more than 4% after launching its Bard AI in Brazil and European Union. Amazon gained more than 2% as its online sales jumped in the US after Prime Day promotions. The major banks in the US like J. P Morgan, Citi Group, and Wells Fargo gained ahead of their quarterly earnings on Friday.
The US stock market major indexes Dow Jones and S&P 500 gained 0.14 percent and 0.85 percent respectively, while tech-heavy Nasdaq jumped 1.58 percent on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday after US Producer Price Index showed cooler than expected inflation reading in June. Earlier investors digested the UK’s GDP growth data in May, which came with contraction but lesser than expected. The market sentiments remain positive despite weak trade data from China, as Premier Li pledged more stimulus in technology sectors.
The majority of the sectors ended in the green with Tech stocks gaining the most in Europe. The pan-European Stoxx 600 index gained 0.6% on Thursday. The key European stock market indexes, CAC and DAX gained 0.53 percent and 0.73 percent respectively while UK’s FTSE was up by 0.32 percent on Thursday.
Indian Stock Market Indexes
Indian stock market indexes trimmed their early gains on Thursday and ended marginally higher. The market sentiments were positive, as US inflation was reported lower than expectations in June. Sensex and Nifty hit a new fresh high while broader markets underperformed on Thursday.
The market breadth was slightly weaker, with the advance-decline indicating a ratio of 3:4 at the close. FIIs were the net buyers, they bought shares worth Rs 2237.93 crore in the Indian equity cash segment while DIIs offloaded shares worth Rs 1196.68 crore.
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