Trade Setup for Friday: Stock Market Today (15 March 2024)

 

Trade Setup for Friday, 15 March 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Market Indexes

 

Asian stock market indexes are trading lower on Friday, tracking negative cues from Wall Street overnight. Investors are looking for Japan’s spring wage negotiation outcome and China’s Central Bank’s one-year medium-term lending facility (MLF) announcement. Japan’s Nikkei is trading lower by 0.27%, while Australia’s S&P ASX 200 is down 1.33% at its three-week low.

South Korea’s Kospi index trades lower by 1%. Shanghai is trading flat on a negative note, down 0.09%, while Hang Seng is down 1.37%. The Strait Times and Taiwan are also trading in the negative territory at 7.20 am. IST.

 

U.S. Stock Market Indexes Updates

 

On Thursday, the US stock market indexes closed lower after the release of the producer price index (PPI) inflation and retail sales data. The latest data showed that the headline PPI rose 0.6% MoM and 1.6%, on a YoY basis in February, well above the economists’ expectations. The retail sales data showed consumer spending was slowed in February, as it rose 0.6% MoM basis, below the expectation of 0.8% increase.

Meanwhile, the weekly jobless claims edged lower to 209,000 in the week ending February 9th, down from the revised level of 210,000 recorded in the previous week. On the corporate front, electric vehicle maker Fisker tanked 51% after a report of potential bankruptcy filing.

The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index fell 0.35% and 0.29% respectively, while the Nasdaq Composite index was down 0.30% on Thursday.

 

European Stock Market Indexes Updates

 

European stock market indexes mostly closed lower on Thursday, as investors digested another key inflation data from the US. The US producer price index inflation jumped more than expectations and doubled to the previous month. 

On the corporate front, British homebuilder Vistry Group jumped more than 8% after the company reported a 30% rise in revenue and an increase in operating profit. The shares of Hapag-Lloyd fell sharply as the German shipping giant warned of a fall in earnings this year due to an attack in the Red Sea. Grifols shares fell more than 9% after S&P Global downgraded the company‘s credit rating to ‘B’

The pan-European Stoxx 600 index fell 0.18%, with media stocks gaining the most, while miners fell. The key European stock market indexes, CAC gained 0.29% while the DAX was down by 0.11%, and the UK’s FTSE was down by 0.37%.

 

Indian stock markets

 

Indian stock markets ended with significant gains on Thursday after the previous session’s sell-off. The domestic equity markets opened lower following weak global cues and later in the mid-morning session erased all losses and extended their gains. The sentiments were positive as the Fitch rating upgraded the country’s GDP growth rate, and due to ease in WPI inflation reading.

The market breadth was strong with the advance decline indicating a 4:1 ratio at the close. FIIs were the net sellers in the equity cash segments, they sold shares worth Rs 1356.29 crore, while DIIs bought shares worth Rs 139.47 crore on Thursday.

 

Stock Market Today

 

The cues from US and Asian markets are negative today. Gift Nifty closed 140 points down on Thursday and trading 24 points higher at 22147. The indications from the global markets and Gift Nifty are slightly negative today. Indian stock market indexes are likely to open flat to the negative and remain choppy.

 

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Also, read  Nifty & Bank Nifty Prediction (Forecast) for Tomorrow, 15 March 2024

 

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Editor’s Desk