Trade Setup for Friday 20 Jan: Stock Market News

 

Trade setup for Friday 20 Jan 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

The Asian stock market indexes are mostly trading higher on Friday despite negative cues from Wall Street overnight. Japan’s Nikkei is trading flat to negative at this moment, while Hang Seng and Shanghai are trading higher by 0.69 percent and 0.60 percent respectively. SGX Nifty is also trading marginally higher by 13 points or 0.07 percent at 18127 levels at 7.20 am IST

The indication getting from the Asian markets is positive today. The Indian stock market indexes are likely to open flat on a cautious note.

 

U.S. and European stock market indexes update

 

The U.S. stock market indexes closed lower on Thursday as weekly jobless claims data renewed concern about Fed’s aggressive rate hike path that could lead the economy into a recession. Meanwhile, corporate earnings reported on Thursday also disappoint to change the investors’ mood. Banking and Insurance stocks were under pressure.

The key U.S. stock market indexes, Dow Jones and S&P 500 declined 0.76 percent each while Nasdaq was down by 0.96 percent on Thursday.

European stock market indexes closed their worst single-day selloff of the year 2023 on Thursday. The market sentiments were hit due to disappointment in quarterly earnings, weak U.S. economic data, and hawkish comments from the Fed’s official that fueled fear of U.S. recession. Technology stocks led the losses followed by retail, industrial, mining, and oil & gas all fell more than 2 percent each on Thursday.

The pan-European Stoxx 600 fell by 1.6 percent, snapping a six-day winning streak and marking its biggest percentage loss since Dec 15. At the close, European benchmarks, CAC and DAX declined by 1.89 percent and 1.75 percent respectively while FTSE was down by 1.08 percent on Thursday.

 

Indian stock market updates

 

Indian stock market indexes closed lower on Thursday amid weak global cues. The market sentiment was dented after weak economic data was released in the U.S. on Thursday and hawkish comments made by the Fed officials for the rising interest rates in 2023. 

The market breadth was slightly on the weaker side with the advance decline indicating a ratio of 3:4 at the close. FIIs turned buyers, they bought Rs 399.98 crore worth of shares in Indian equity markets while DIIs were the net sellers, they offloaded Rs 128.96 crore on Thursday.

 

Q3 Results Today

 

Reliance Industries, HDFC Life Insurance Company, JSW Steel, LTIMindtree, Union Bank of India, Bandhan Bank, RBL Bank, Aether Industries, Atul, Coforge, DCM Shriram, Heritage Foods, Indian Energy Exchange, JSW Energy, NELCO, Petronet LNG, Ramkrishna Forgings, Shakti Pumps, and Tanla Platforms will announce their quarterly results on Friday 20 Jan 2023

 

News you should read before the trade setup for today 20 Jan

 

Thursday, the RBI in its monthly bulletin said that the softening of commodity prices and other costs amidst strong revenues has boosted corporate performance in India.

Meanwhile, macroeconomic stability is being strengthened after the inflation moves into the tolerance band and leading indicators indicate that the current account deficit will narrow through the rest of 2022 and 2023, according to the report.

RBI in its monthly report said that this will be a year for the Indian economy to strengthen its position on the global stage while the rest of the world is worried about a recession, war, and inflation. The distinction of being the most populated country with a sixth of the world’s working population could only lift the prospects for the economy to surpass Germany and Japan by 2027, the central bank said on Thursday

According to the Labor Department, the U.S. initial jobless data released on Thursday showed that the claims figure fell by 15000 week-on-week to 190,000. The initial jobless claims data were the lowest in four months and well below the expectation of 214000

 

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