Trade Setup for Monday: Stock Market Today (15 April 2024)
Trade Setup for Monday, 15 April 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Market Indexes
Asian stock market indexes are trading mostly lower on Monday amid Israel and Iran tension and as investors are looking for China’s GDP and other economic data in the region, later this week. Japan’s Nikkei 225 is down 1.40% as investors are looking ahead for trade and inflation data later this week. Australia’s S&P ASX 200 index is trading lower by 0.55%.
South Korea’s Kospi index is down by 1.15%. Shanghai index is trading higher by 0.53% ahead of GDP, Retail Sales, & Industrial Production data due on Tuesday, while Hang Seng is down by 0.98%. The Straits Times index is trading lower, by 0.84% today at 7.10 am IST.
U.S. Stock Market Indexes Updates
The US stock market ended with a significant fall on Friday. The market sentiments were hit due to an escalation of geopolitical tension, and the big banks disappointed investors. The quarterly earnings of the banking giants reported a slow growth in net interest income for the full year. The crude oil prices rose due to Israel and Iran tension, despite the International Energy Agency (IEA) forecasting a slowdown of oil demand in 2024 in its monthly report.
Investors have digested the inflation data and cut their hopes for June rate cuts, betting the rate cuts to start from September. The key US stock market indexes, Dow Jones Industrial Average (DJIA) and S&P 500 closed lower by 1.24% and 1.46% respectively, while Nasdaq ended lower by 1.62% on Friday.
European Stock Market Indexes Updates
On Friday, European stock market indexes mostly ended in the red. The market sentiments were dented due to a rise in oil prices after a report from US officials about a possible attack by Iran on Israel during the weekend. On the economic front, the fresh data showed that the UK’s GDP grew 0.1% in February, in line with expectations.
The FTSE closed higher on Friday, as the GDP data increased the hopes that the UK is out of recession. Meanwhile, the inflation data from Germany fell in March, matching the lowest level since mid-2021. The pan-European Stoxx 600 index ended higher by 0.14% on Friday.
The key European stock market indexes, DAX and CAC closed marginally lower by 0.16% and 0.13% respectively, while the UK’s FTSE closed higher by 0.90%, on the last trading day of the week.
Indian Stock Markets
Indian stock market indexes ended sharply lower on Friday amid negative cues from Wall Street and geopolitical tension. Investors also remained cautious ahead of the domestic inflation and IIP data, which was released after the markets on Friday. Selling pressure was witnessed in heavyweight stocks including HDFC Bank, L&T, Infosys, Reliance, and Sun Pharma stocks.
The market breadth was on the seller’s side, the advance decline indicating a 2:3 ratio at the close. FIIs were the net sellers in the equity cash segments, they offloaded shares worth Rs 8027 crore while DIIs were the net buyers and acquired 6341.53 crore.
Stock Market Today
The global cues are negative today. Gift Nifty index was down 137 points on Friday and closed at 22450. On Monday, Gift Nifty is trading 14 points higher at 22464 levels. The indications from the global markets and Gift Nifty are negative today. Indian stock market indexes are likely to open lower today. The domestic markets may rebound from the day’s low, as robust CPI and IIP data were released in the post-market hours on Friday.
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