Trade Setup for Friday: Stock Market Today (22 March 2024)
Trade Setup for Friday, 22 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 mixed on Friday, as dovish comments from central banks boosted the market sentiments. Japan’s Nikkie is up by 0.55%, hitting a fresh all-time high in early trades despite the inflation reading accelerated in February. Australia’s S&P ASX 200 index is trading lower, by 0.35%.
South Korea’s Kospi index is trading volatile and is almost flat. Shanghai and Hang Seng are trading lower by 0.29% and 1.25% respectively. The Straits Times is trading, in the red, while Taiwan is in the positive territory at 7.05 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed higher on Thursday, as optimism about the Fed’s dovish monetary policy lifted the market sentiments for the second consecutive day. All three major indexes closed at a fresh record high, as investor’s risk appetite was boosted due to potential interest rate cuts and strong economic data released.
On the economic front, the number of Americans filing new jobless claims fell unexpectedly last week, while existing home sales rose more than expected in February. In addition to this, the Philadelphia Fed manufacturing index showed unexpected growth in March.
On the corporate front, Apple Inc. shares declined more than 4% after the US Department of Justice and 16 states filed a lawsuit on Thursday. It alleged that the tech giant is illegally monopolizing the smartphone market. Reddit shares jumped more than 47% on debut, opening at $47, well above its IPO price of $35.
The key US stock market index, the Dow Jones Industrial Average (DJIA), and the S&P 500 index gained 0.68% and 0.32% respectively, while the Nasdaq Composite index was up by 0.20% on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday, as investors digested the latest monetary policy decision from the Bank of England and Swiss National Bank. The Bank of England kept the interest rate unchanged for the fifth month in a row and adopted a dovish stance like the US Fed and ECB. Meanwhile, the Swiss National Bank surprised investors by reducing the interest rate by 25 bps to 1.5%.
On the economic front, the eurozone business activity data showed improvement in March. The latest HCOB flash Eurozone composite PMI output index came in at 49.9, a nine-month high and an improvement on February’s 49.2.
The pan-European Stoxx 600 index hit a record high and closed higher by 0.94%, with almost all sectors traded positive, mining gained the most while healthcare fell slightly. The key European stock market index, CAC gained 0.22% and DAX was up by 0.88%, while the UK’s FTSE jumped 1.88% on Thursday.
Indian stock markets
Indian stock market indexes ended with strong gains on Thursday, rising for the second consecutive day. The domestic markets opened a gap-up following positive global cues and traded above their flat line. Sensex and Nifty trimmed their morning gains in the second half but ended with significant gains.
The market breadth was strong with the advance decline indicating a 4:1 ratio at the close. FIIs were the net sellers, they offloaded shares worth Rs 1826.97 crore while DIIs were the net buyers and acquired shares worth Rs 3208.87 crore.
Stock Market Today
The cues from the US markets are positive, while Asian markets are trading mixed. On Thursday, Gift Nifty closed lower by 81 points, while it is trading higher on Friday, by 53 points at 22095. The indications from the global markets and Gift Nifty are slightly positive. Indian stock market indexes will likely open in the green and trade volatile ahead of a long weekend.
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