Trade Setup for Monday 04 July 2022: Stock Market News
Trade setup for Monday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 04, 2022
Asian stock market indexes started cautiously on Monday as US futures slips. Nikkei opened strong today and currently trading higher by 203 points or 0.81 percent. Hang Seng and Shanghai erased some early losses today, and are trading lower by 0.47 percent and 0.27 percent respectively.
SGX Nifty is also trading lower by 44 points or 0.28 percent at 15700 levels. The indications getting from the Asian markets are mixed, Indian stock markets are likely to start on a cautious note. Nifty may open above 15700 levels today.
The US and European market Indexes update
The US stock market indexes erased their early losses and closed higher on Friday. The markets were trading lower in the morning session due to weak manufacturing PMI data. The market later recovered ahead of the extended weekend as government bond yields fell and weak economic data fueled investors’ hope that Fed might go for less aggressive this time.
The US stock market indexes, Dow Jones and S&P 500 gained 1.05 percent and 1.06 percent respectively while Nasdaq was up by 0.90 percent on Friday. Monday the US stock markets will remain close on account of Independence Day.
European markets recovered in the second half of Friday’s session and closed in the green following the positive cues from US markets. The indexes gained despite the ongoing concerns of a weak economy and fears of recession. The fresh data showed that the eurozone factory activities fell for the first time in two years.
The European market indexes, CAC and DAX gained 0.14 percent and 0.23 percent respectively while FTSE closed flat on the first day of the second half of 2022.
Indian stock market updates
Indian stock markets erased most of their intraday losses and closed marginally lower on Friday. The sharp fall in heavyweight stock Reliance dragged the oil & gas sector on Friday, due to the additional export tax on petrol, diesel, and aviation fuel.
The benchmark indices, Sensex and Nifty closed lower by 0.21 percent and 0.18 percent respectively. FIIs were the net sellers, they sold Rs 2324.74 crores while DIIs bought 1310.71 crores in the equity cash segment on Friday the first day of the July series
Top news you should read before the trade setup for Monday 04 July 2022.
India’s foreign exchange reserves rose by 2.735 billion to $593.323 billion during the week ending on June 24, after falling three weeks in a row by more than $10 billion cumulative. The country’s forex reserve was $590.588 in the prior week according to the data shown by RBI on Friday.
Last week Indian government announced an increase in gold import duty, export taxes on petroleum products, and a cess on domestic crude oil production to prevent deficits from worsening. Nomura in its report said, “ the measures are non-inflationary, will not improve the current account, but could have a positive impact on the Centre’s fiscal finances”. However, it kept its forecast for fiscal deficit unchanged at 6.8% of GDP for FY23.
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