Trade Setup for Friday 27 Jan: Stock Market News
Trade setup for Friday 27 Jan 2023– 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 higher on Friday, tracking positive cues from Wall Street overnight. Shanghai and Taiwan are not trading today due to the Lunar New Year Holiday. Nikkei is trading flat to the positive. Hang Seng is trading highly volatile and at 7.20 am IST it erased early gains and is trading lower by 0.27 percent. SGX Nifty is also trading higher by 86 points or 0.48 percent at 18039 levels.
The indication getting from the Asian markets is positive. The Indian stock markets are likely to open higher today.
U.S. and European stock market indexes update
The US stock market indexes closed higher on Thursday, as the fresh economic data showed that the U.S. GDP grew at a higher-than-expected in the fourth quarter and a string of mixed corporate earnings. Tesla shares jumped after the company reported an upbeat sales forecast, which helped to put Nasdaq as the lead of all three key indexes.
All three major U.S. stock market indexes advanced on Thursday. Dow Jones and S&P 500 gained 0.61 percent and 1.10 percent respectively while the technology-driven index Nasdaq was up by 1.76 percent on Thursday.
European stock market indexes ended higher on Thursday as data released during the week showed improved business sentiments in Germany and an uptick in eurozone services and manufacturing activity. The positive cues from the U.S. markets after releasing a fresh batch of corporate earnings and economic data also supported the markets.
The retail sectors led the gain while food and beverages stock slid on Thursday. The pan-European Stoxx 600 gained 0.4 percent. The key European stock market indexes FTSE and DAX gained 0.21 percent and 0.34 percent respectively while CAC was up by 0.73 percent on Thursday.
Indian stock market updates
Indian stock market indexes closed sharply lower on Wednesday amid weak global cues. Investors stayed sideline ahead of the holiday and key US economic data. The domestic markets observed a holiday on Thursday on account of Republic day. The market breadth was negative with the advance decline indicating a ratio of 1:3 at the close.
Foreign Institutional Investors were the net sellers they offloaded Rs 2393.94 crore worth of shares in the Indian equity cash segment while the Domestic Institutional Investors were the net buyers, they bought Rs 1378.49 crore on Wednesday.
Q3 Results Today
Bajaj Finance, Vedanta, Aarti Drugs, Aditya Birla Sun Life AMC, CMS Info Systems, Glenmark Life Sciences, Godfrey Phillips India, Sterlite Technologies, Zenotech Laboratories, and AIA Engineering will announce their quarterly results on January 27.
News you should read before the trade setup for today 27 Jan
On Wednesday, the United Nations (UN) said that India’s gross domestic product (GDP) growth is estimated to moderate to 5.8% in the year 2023 from an earlier estimation of 6.4% in 2022. The higher interest rates and a global economic slowdown weigh on investment and export performance, the UN said on 25 January.
The U.S. gross domestic product (GDP) released on 26 January showed the economy grew at a seasonally adjusted annual rate of 2.9% in the last quarter of 2022, down slightly from a 3.2% annual rate in the third quarter. The other data released by the US labor Ministry showed that Americans filing first-time unemployment claims fell by 6000 last week to 186000. The figure was lower than the market estimate of 205,000, while the previous week’s figure was revised up by 2,000 from 190,000 to 192,000.
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