Trade Setup for Friday 3 Feb: Stock Market News
Trade setup for Friday 3 Feb 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 trading mixed following the rally in technology shares on Wall Street overnight. Japan’s Nikkei is trading higher by 0.58 percent as Jibun bank Services PMI data showed further growth in January. Shanghai and Hang Seng are trading lower by 1.66 percent and 1.07 percent respectively. SGX Nifty is trading higher by 69 points or 0.39 percent at 17708 levels.
The indication getting from the Asian markets is mixed. The Indian stock market indexes are likely to open in green with a cautious note. The domestic markets will continue to trade volatile today.
U.S. and European stock market indexes update
The US stock market indexes ended mixed on Thursday, as investors bought technology stocks following a rally in Meta. Investors are on hopes that Fed would stop hiking interest rates soon and start cutting the rate later this year. Dow Jones closed lower by 0.11 percent due to weakness in healthcare and energy stocks.
S&P 500 gained 1.4 percent while Nasdaq jumped 3 percent, as Facebook parent Meta Platforms, which reported quarterly earnings late Wednesday rallied due to an upbeat outlook on Thursday. Alphabet, Amazon, and Apple also rose on Thursday and reported their quarterly earnings after the closing bell.
European markets closed higher on Thursday as investors digested interest rate hikes from the European Central Bank and Bank of England by 0.50 bps as widely expected. Earlier the markets were opened higher following the latest move by the US Federal Reserve
The pan-European Stoxx 600 ended 1.4 percent higher on Thursday, with all sectors mostly positive. Technology led the gains and jumped above 4 percent while Oil & Gas declined. The key benchmark indices FTSE and CAC gained 0.76 percent and 1.24 percent respectively while DAX jumped 2.12 percent on Thursday.
Indian stock market updates
Indian stock markets closed mixed after a volatile session on Thursday despite positive global cues. The markets pared early losses and closed near the neutral lines on the expiry day of the weekly options Index. The market breadth was slightly on the lower side on Thursday.
FIIs were net sellers, they offloaded Rs 3065.35 crore worth of shares while DIIs were the net buyers they bought Rs 2371.36 crore in the equity cash segment on Thursday.
Q3 Results Today
ITC, State Bank of India, Divi’s Labs, Bank of Baroda, Tata Power, InterGlobe Aviation, One 97 Communications (Paytm), Marico, Mahindra & Mahindra Financial Services, Zydus Lifesciences, Jubilant Pharmova, Kansai Nerolac Paints, Nava, Praj Industries, Manappuram Finance, Aarti Industries, Borosil, Clariant Chemicals, Elgi Equipments, Emami, Engineers India, India Cements, Intellect Design Arena, JK Tyre & Industries, Quess Corp, Shipping Corporation of India, Sun TV Network, and Tube Investments of India will announce their Q3 earnings today.
News you should read before the trade setup for today 3 Feb
The windfall profit tax, which was imposed on 1 July 2022 on domestically produced crude oil and export of fuel is likely to give about Rs 25000 crore in the current fiscal ending March 31. The levy of windfall tax will continue for now as international oil prices are up again, according to top government officials.
The ongoing controversy on Adani Group will not derail India’s green energy plan, said the Union Power and Renewable Energy Minister RK Singh on Thursday. This comment came a day after Adani Enterprise called off a Rs 20000 crore follow-on public offering (FPO) after it got fully subscribed on the last day.
According to Singh, India now has one of the most robust renewable energy capacities in the world, with at least 15-16 large companies that are of the level of global companies capable of going and investing anywhere. So, the Adani issue will not impact India in any way
News on Adani Group
After a heavy selling in Adani group stocks, the National Stock Exchange (NSE) has put the three major Adani group companies- Adani Enterprise, Adani Port, and Ambuja Cements under the additional surveillance measure (ASM) category w.e.f February 3, 2023, to curb short-selling.
NSE, in its circular released on February 2, noted that the applicable rate of margin of three stocks shall be 50 percent or existing margin, whichever is higher, subject to the maximum rate of margin capped at 100 percent w.e.f. February 6, 2023, on all open positions as on February 3 and new positions created from February 6.
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