Trade Setup for Friday 17 March: Stock Market News

 

Trade setup for Friday 17 March 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock markets are trading higher on Friday following the positive cues from Wall Street overnight. The major Asian stock market indexes, Nikkei, Shanghai, and Hang Seng are trading higher by 0.54%, 0.61%, and 0.72% respectively. SGX Nifty is also trading higher by 120 points or 0.72% at 17142 levels.

The indications getting from the Asian and other global stock markets are positive today. The Indian stock markets are likely to open a gap-up today and will trade positively, banking stocks will be in focus and likely to drive the markets.

 

U.S. and European stock market indexes update

 

The US stock market indexes closed higher on Thursday as shares of First Republic bounced back and climbed 10% after the biggest Wall Street banks came for a joint rescue of the beleaguered lender. Sentiments were also positive as Credit Suisse shares in Switzerland also rose, snapping an eight-session losing streak after the bailout news from Swiss National Bank. 

The gains in the banking sector came after days of turmoil and now investors, analysts, and big broking houses bets on Federal Reserve to continue the existing policy next week with 25 bps rate hikes. Meanwhile, Nasdaq gained 2.48% as tech stocks jumped, while Dow Jones and S&P also climbed 1.17% and 1.76% respectively on Thursday.

European stock market indexes closed higher after a choppy session despite the European central bank hiking the interest rates by 50 bps even after the recent volatility in the regional banking sectors. The Credit Suisse shares pared some gains and finished the session around 18% higher, as investors got relieved after the Swiss Central Bank came to the rescue to provide liquidity to the bank.

Meanwhile, the ECB in its monetary policy meeting said the central bank is monitoring the current market tensions and would provide liquidity support if needed. The pan-European Stoxx 600 gained 1.19% on Thursday. The key European stock market indexes CAC and DAX gained 1.99% and 1.55% respectively while FTSE was up by 0.89%.

 

Indian stock market updates

 

Indian stock markets snapped a 5-Day losing streak and closed marginally higher on Thursday. The market sentiments improved and the European bank’s shares rallied after the Swiss Central Bank stepped in to rescue Credit Suisse. Indian banking shares also made decent gains on Thursday after a recent fall. 

The market breadth was slightly on the weaker side as the advance-decline was indicating a ratio of 2:3 at the close. Foreign investors were the sellers, they offloaded shares worth Rs 282.06 crore while DIIs bought Rs 2051.45 crore on Thursday.

 

News you should read before the trade setup for today 17 March

 

On Thursday, the rating agency Crisil said, the Indian economy is likely to grow 6 percent in the next fiscal, in line with consensus estimates, driven by an increased capex by the private sector. According to the domestic rating agency report, the private sector capex is expected to deliver double-digit revenue growth for the second year. The economy is projected to grow 7 percent this fiscal, according to the official forecast.

On Thursday, the data showed by the US labor department that the number of  Americans who applied for jobless claims last week ending March 11 fell by 20,000 to 192,000 from 212,000 reported in the previous week.

 

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You may also like to read, Nifty and Bank Nifty Prediction for Tomorrow 17 March 2023  

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Happy Investing!!

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