Trade Setup for Monday 23 Jan: Market News

 

Trade setup for Monday 23 Jan 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock markets are trading higher on Monday following the gains from the U.S. markets on Friday. Major Asian stock markets including Shanghai and Hang Seng are not trading today on account of the Lunar New Year. Nikkei is trading higher by 1.15 percent. SGX Nifty is also trading in the green up by 92 points or 0.51 percent at 18137 levels.

The indication getting from the Asian and other global markets is positive today. The Indian stock market indexes are likely to open a gap-up today.

 

U.S. and European stock market indexes update

 

The U.S. stock market indexes closed higher on Friday after solid corporate earnings reported by Netflix. The sentiments got further boosted, as  Google share rose after its parent company Alphabet announced job cuts. The communication services sector was the led gainers on Friday, as investors preferred to buy beaten-down stocks

The US key indexes, Dow Jones and S&P 500 gained 1 percent and 1.89 percent respectively while the technology index Nasdaq jumped 2.66 percent on the last day of the week.

European stock markets rebounded on Friday after a selloff in the previous session, following the gains from the U.S. markets. The market sentiments were positive amid optimism over the reopening of China’s economy. The major sectors closed in the positive territory, and the travel and leisure sectors gained the most on Friday. 

The pan-European Stoxx 600 gained 0.37 percent on the final day of the week. The key European stock market indexes CAC and DAX ended higher by 0.63 percent and 0.75 percent respectively while FTSE was up by 0.30 percent on Friday.

 

Indian stock market updates

 

Indian stock market indexes closed lower for the second straight session on Friday. The domestic market sentiments become negative in the afternoon session despite positive cues from Asian markets. The market breadth was marginally weak with the advance-decline indicating a ratio of 3:4 at the close. FIIs were the net seller, they offloaded Rs 2002.25 crore worth of shares in the Indian equity markets while DIIs bought Rs 1509.95 crore on Friday.

 

Q3 Results Today

 

Axis Bank, IDBI Bank, Canara Bank, Container Corporation of India, Amber Enterprises India, Craftsman Automation, Butterfly Gandhimathi Appliances, Gland Pharma, Gravita India, HFCL, Jammu & Kashmir Bank, Jindal Stainless, Poonawalla Fincorp, Route Mobile, Shoppers Stop, Syngene International, Tata Communications, Tamilnad Mercantile Bank, and Zensar Technologies will announce their quarterly results on Monday 23 Jan 2023

 

News you should read before the trade setup for today 23 Jan 

 

India’s Retail inflation for farm and rural workers eased to 6.38 percent and 6.6 percent respectively on a sequential basis, in December 2022. This is mainly due to lower prices of certain food items. “Point-to-point rate of inflation based on the CPI-AL (consumer price index for agricultural workers) and CPI-RL (rural workers) stood at 6.38 percent & 6.60 percent in December 2022 compared to 6.87 percent & 6.99 percent, respectively, in November 2022, and 4.78 percent and 5.03 percent, respectively, during the same period in the previous year according to the labor ministry statement.

According to the RBI data showed on Friday, India’s foreign exchange reserves rose by USD 10.417 billion to USD 572 billion for the week that ended on January 13. The country’s foreign exchange reserves were at USD 561.583 billion during the week that ended on January 6. 

The Budget session is going to start next week and this time the government is unlikely to announce capital infusion for public sector banks ( PSBs). According to the sources, PSBs’ financial health has improved significantly in the last two years and they are on track to earn a combined profit of Rs 1 lakh crore. The government last infused capital support to PSB banks in 2021-22.

 

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You may also like to read, Stock Market Prediction Next Week (23- 27 Jan 2023)

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Happy Investing!!

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