Trade Setup for Monday 2 Jan: Stock Market News
Trade setup for Monday 2 Jan 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
The major Asian stock market indexes are closed today due to New Year Holiday. Nikkei, Hang Seng, and Shanghai are not trading today. SGX Nifty is trading lower by 47 points or 0.26 percent at 18176 levels. SGX Nifty is indicating a flat opening for the Indian stock markets today.
The US and European stock market indexes update
The US stock market indexes traded on a weak note and closed lower on Friday the last trading session of 2022. The tech companies closed mixed notes while semiconductor stocks continued to slide as investors fear falling demand for chips amid a slowdown in the global economy. The market volume was thin ahead of a long weekend, as markets will remain closed on Monday on account of the New Year holiday.
The key US stock market indexes, Dow Jones and S&P 500 closed lower by 0.22 percent and 0.25 percent respectively while tech-heavy Nasdaq was down by 0.11 percent on Friday.
European stock market indexes closed lower in the final trading session of the year 2022. The market volume was low and there was no corporate news to report as investors were in a holiday mood due to the new year. The crude oil prices closed higher despite rising covid cases in China which has increased the fear of global economic growth.
The pan-European Stock market index was down by 1.27 percent on Friday. The key European stock market indexes, CAC and DAX closed lower by 1.52 percent and 1.05 percent respectively while FTSE was down by 0.81 percent on the last trading session of 2022.
Indian stock market updates
Indian stock market indexes erased early gains and fell sharply in the last hour on Friday. Investors are worried about the global economic outlook amid fear of recession, geopolitical tension, and rising covid cases. The market breadth was strong with the advance decline indicating a ratio of 2:1 at the close.
FIIs were the net seller, they sold Rs 2950.89 crore worth of shares while DIIs bought Rs 2266.20 crore in the equity cash segments.
News you should read before the trade setup for today 2 Jan
According to the data from the Centre for Monitoring Indian Economy (CMIE) on Sunday, India’s unemployment rate rose to 8.30 percent in December. It was recorded at 8 percent in the previous month and the highest in 16 months. The urban unemployment rate rose to 10.9% in December from 8.96% in the last month, while the rural unemployment rate slipped to 7.44% from 7.55%
As per the report released on Sunday, India’s corporate tax collections exceed 3% of the country’s gross domestic product (GDP) for the first time in two years. In 2021-22, the corporate tax-GDP ratio reflected an overall improvement in India Inc’s profitability.
The net corporate tax collection in 2021-2022 stood at Rs 7.12 lakh crore, which works out to 3.01% in terms of the ratio to GDP. At the current market price, the collections stood at Rs 236.64 lakh crore.
According to the Indian government statement on Sunday, the country’s goods and services tax (GST) collection in December rose 15% year-on-year to Rs 1.49 lakh crore ($18.07 billion), reflecting strong economic activity during the festive season. The GST collection for November was 1.46 lakh crore
On Friday the RBI showed a report that the country’s foreign exchange reserves fell by $691 million to $562.81 billion as on December 23, 2022.
Another report showed that India’s core sector growth rebounded to 5.4% in November from the 20-month low of 0.9% in October, benefiting from a strong recovery in the coal, fertilizer, steel, cement, and electricity sectors.
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