Trade Setup for Monday 22 May: Stock Market Today
Trade setup for Monday 22 May 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 mostly trading higher on Monday, as the negotiation talks on the US debt ceiling are likely to resume today. Japan’s Nikkei is trading flat, following its outperformance last week. Hang Seng and Shanghai indexes are trading higher by 0.28 percent and 0.10 percent respectively, as China kept its benchmark lending rates unchanged for the ninth straight month, as widely expected. Kospi is also trading higher by 0.77 percent at 7.20 am IST.
SGX Nifty is trading slightly lower by 24 points or 0.13 percent at 18214 levels. Asian markets are giving slightly positive signals today, Indian stock markets are likely to open on a flat to positive note and will trade volatile as per global cues.
U.S. Stock Market Indexes update
The US stock market indexes ended lower on Friday after Republican lawmakers halted the negotiation talks about the US debt ceiling. Investors get demotivated, as the news killed the hope that a deal to avoid default would be reached over the weekend. The downside was limited as Fed Chair Powell indicated a likely pause in interest rate hikes in the June meeting.
The shares of apparel and shoe retailer Foot Locker fell sharply by 27% after it cuts its annual sales and profit forecast. The US benchmarks, Dow Jones and S&P 500 declined by 0.33 percent and 0.14 percent respectively while Nasdaq was down by 0.24 percent on Friday.
European Stock Market Indexes Updates
European stock market indexes advanced on Friday, as sentiments were boosted by the progress of US debt ceiling negotiation talks. It was just before the end of Friday’s trading session, the US Republican lawmakers halted the debt ceiling talks. Retail stocks closed lower while financial services led the gains followed by construction stocks.
German’s DAX extended its previous session gains by 0.69 percent and closed near the record high on Friday. FTSE and CAC also closed higher by 0.19 percent and 0.60 percent respectively.
Indian stock market updates
Indian stock markets ended the volatile session with modest gains on Friday, snapping a three-day losing streak. The domestic markets gained on the back of buying in IT, Realty, and Auto stocks. Adani Group stocks gained and aided the sentiments after the expert committee report on Friday.
The market breadth was slightly on the negative side. FIIs were the net sellers and they offloaded Rs 113.46 crore while DIIs were the buyers and they bought Rs 1071.35 crore worth of shares on the last day of the week.
Q4 Results Today
Shree Cement, Bharat Petroleum Corporation, PB Fintech, Aditya Birla Fashion and Retail, HCL Infosystems, HEG, Indiabulls Housing Finance, CESC, Capri Global Capital, EIH, Finolex Industries, Fusion Micro Finance, Gujarat Alkalies & Chemicals, Radiant Cash Management Services, SJVN, Sun Pharma Advanced Research Company, and Waaree Technologies will announce their quarterly earnings on 22 May 2023
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News you should read before the trade setup for today 22 May
On Friday, the RBI data showed that India’s foreign exchange reserves jumped $3.553 billion to $599.529 billion for the week ended 12 May. The country’s foreign reserves reached an all-time high of USD 645 billion in October 2021.
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Happy Investing!!
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