Trade Setup for Monday 12 Sept: Stock Market News
Trade setup for Monday 12 Sept– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian markets are trading in the green on Monday tracking positive cues from the US markets on Friday. Nikkei is trading higher by 1.19 percent while Hang Seng and Shanghai are not trading today due to the holiday. SGX Nifty is trading higher by 19 points or 0.11 percent at 17861 levels.
The indications getting from the Asian and other global markets are positive. The Indian stock markets are likely to open higher today. Nifty may open above 17850 levels today.
The US and European market indexes update
The US stock market benchmark indices advanced on Friday, as investors shrugged off concerns about the rate hikes and inflation and bet on beaten-down stocks. The markets rallied with the support of tech and chip-related stocks even after Federal Reserve Governor Christopher Waller indicated another significant increase in the interest rate in September 21 meeting.
The tech-heavy Nasdaq gained 2.11 percent while Dow Jones and S&P 500 were up by 1.19 percent and 1.53 percent respectively on the last day of the week.
The major European stock market indexes closed higher on Friday, as several European countries assured support to cope with energy costs. The market sentiments also improved after tracking positive cues from Asian and US market peers. The stimulus hopes and decline in consumer and factory get inflation in China lifted the market sentiments worldwide.
The key European stock market indexes CAC and DAX gained 1.41 percent and 1.43 percent respectively while FTSE was up by 1.23 percent on Friday.
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Indian stock market updates
Indian stock markets erased most of their early gains on Friday and closed slightly higher. The key indexes, Sensex, and Nifty gained 0.18 percent and 0.19 percent respectively. The market breadth was strong with the Advance-Decline indicating a ratio of 2:1 at the close. FIIs were the net buyers, they bought Rs 2132.42 crores worth of shares in the Indian equity cash segment while DIIs were the net seller and they sold Rs 1167.57 crore on Friday.
News you should read before the trade setup for today 12 Sept
As per the RBI monthly data released on Sunday, UPI and Credit card transaction has increased in August which indicate an increase in consumption amid a recovery in economic activity. According to the RBI data, the UPI tractions increased from 9.83 lakh crore in April 2022 to 10.73 lakh crore in August this year. Similarly, credit card spending increased from Rs 29,988 crore in April this year to Rs 32383 crore.
As per the data showed the gross direct tax collections in the current fiscal year till September 8 totaled 6.48 crore up 35.46% compared with the tax collected in the same period of the last fiscal year. The net refunds and direct tax collections since April increased 30.17% to 5.29 lakh crore.
The country’s foreign exchange reserves dropped lowest in 2 years. According to the RBI data showed, India’s foreign exchange reserves declined by $8 billion to $553.11 billion as of the week ended September 2, the lowest since October 9, 2020.
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