Trade Setup for Friday: Stock Market Today (16 February 2024)
Trade Setup for Friday, 16 Feb 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 higher on Friday, tracking positive cues from Wall Street. Japan’s Nikkei 225 is up by 0.90%, continuing its previous session rally, and comfortably trading above the 38000 mark after the country entered into a technical recession. The contraction in GDP numbers in the fourth quarter raised hopes that the Bank of Japan would stick with its ultra-loose monetary policy for a longer period due to the economic slowdown.
Australia’s S&P ASX 200 index is up by 0.46%, while South Korea’s Kospi index is trading higher by 0.58%. Hang Seng, Taiwan, and Straits Times are also trading higher by 0.40%, 0.11%, and 0.63% respectively at 7.15 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed higher on Thursday as the market sentiments were boosted after the retail sales data declined more than expected, raising the hope of early rate cuts. A rally in energy stocks supported the broader markets after Warren Buffet’s Berkshire Hathway confirmed that it raised its stake in the oil major Occidental Petroleum Corporation by about 9% in Q4.
A report by the Commerce Department showed that US retail sales fell 0.8% in January, while economists expected a 0.2% decline. Meanwhile, the labor markets showed signs of strength, as the initial jobless claims also declined by 8,000 to 212,000 in the week ended Feb 10. While the expectation was a 1000 decrease.
The 10-year Treasury yields slipped slightly to 4.227% from its previous closing of 4.253%. The key US stock market index, the Dow Jones Industrial Average (DJIA) gained 0.91%, while the S&P 500 index was up by 0.58% and closed at the high. The tech-heavy Nasdaq also gained 0.30% on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday, as strong corporate earnings boosted the sentiments. The market sentiments remained positive despite the UK’s GDP data for the fourth quarter contracted by 0.3% in the fourth quarter of 2023, pushing the country into a technical recession, as the third quarter growth was revised down to -0.1%
Among the corporate earnings, Germany’s Commerzbank reported robust earnings 55% jump in full-year net profit. The share price of Commerzbank rose more than 5%. French auto company Renault made significant gains after lifting its dividend rise and reiterating a target of double-digit operating margins by 2030.
The pan-European Stoxx 600 index gained 0.63% with major sectors closed in the green, the construction sector gaining the most, while oil and gas stock fell on Thursday. The key European stock market indexes CAC and DAX closed higher by 0.86% and 0.60% respectively, while the UK’s FTSE was up by 0.38%.
Indian stock markets
Indian stock markets closed higher for the third consecutive session on Thursday. The domestic markets opened higher and immediately slipped into the red. The equity benchmarks traded volatile throughout the session and ended marginally higher. The PSU Banks continued their northward journey and supported the markets.
The market breadth was strong with the advance decline indicating a ratio of 5:3 at the close. FIIs were the net sellers, they offloaded shares worth Rs 3064.15 crore, while DIIs were the net buyers, they acquired shares worth Rs 2276.96 crore on Thursday.
Stock Market Today
The cues from Wall Street and Asian markets are positive today. Gift Nifty closed 79 points higher on Thursday and is trading slightly lower at 22088. The indication from global markets and Gift Nifty are positive today. Indian stock market indexes are likely to open higher and will trade positively.
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Editor’s Desk
