Trade Setup for Friday 23 Sept: Stock Market News
Trade setup for Friday 23 Sept– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are mostly trading lower on Friday, tracking negative cues from their US and European peers. Nikkei and Hang Seng are trading lower by 0.58 percent and 0.32 percent respectively whereas Shanghai is trading higher by 0.32 percent at 7.10 am IST. SGX Nifty is trading lower by 77 points or 0.44 percent at 17562 levels.
The indications getting from the Asian markets are negative, the Indian stock markets are likely to open marginally lower today. Nifty may open around 17600 levels.
The US and European market indexes update
The US stock market indexes slipped on Thursday. It fell for the third straight session, as investors reacted to the Fed’s and other central bank’s latest interest rate hikes, which have added to fears that the battle to control inflation could bring a recession.
The US stock market indexes, S&P 500 lost 31.94, or 0.8%, while the tech-heavy Nasdaq Composite declined 153.39, or 1.4%, and the Dow Jones Industrial Average was down 107.10, or 0.4% on Thursday.
European stock markets were closed lower on Thursday, as recession worries heightened after the U.S. Federal Reserve delivered another big-sized interest rate hike and signaled more in its fight to control inflation. The pan-European STOXX 600 index touched the lowest since February 2021 led by rate-sensitive tech and real estate stocks which fell more than 4% each, with the latter hitting over two-year lows.
European markets have reacted to several central bank decisions this week, including hawkish moves from Sweden, Switzerland, and the United Kingdom. The key European stock market indexes CAC and DAX were closed lower by 1.87 percent and 1.84 percent respectively while FTSE was down by 1.08 percent on Thursday.
Indian stock market updates
Indian stock markets closed lower on Thursday amid negative cues from the global markets. The market sentiments were dampened as the US Federal Reserve hike the key interest rates by 75 basis points for the third time. The benchmark indices, Sensex and Nifty ended lower by 0.57 percent and 0.50 percent respectively.
FIIs were the net sellers, they sold Rs 2509.55 crore while DDIs bought Rs 263.07 crore on Thursday. The market breadth was quite positive with the Advance-Decline indicating the ratio of 5:4 at the close.
News you should read before the trade setup for today 23 Sept
According to Microfinance Institutions Network (MFIN) said on Wednesday, the microfinance sector grew 24% year-on-year to Rs 2.93 lakh crore with banks retaining their leadership position with 38.4% market share. The microloan disbursals during the June quarter improved sharply to Rs 45,830 crore as compared with Rs 25503 crore in the same period last year.
India Inc is prepared for another policy rate hike by the RBI MPC in the range of 35-50 basis points, as the move seems unavoidable in the wake of the global monetary tightening to limit the impact of inflation, said ASSOCHAM on Thursday. The chamber has sought a balance and smooth transition to the new approach to borrowing cost. ASSOCHAM has further said, seeking several measures for ensuring that adequate liquidity is maintained within the system.
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