Trade Setup for Monday 3 July: Stock Market Today

 

 

Trade setup for Monday 3 July 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

 

Asian Stock Markets

 

Asian stock markets have started the week on a positive note ahead of a slew of PMI manufacturing data in the region. The manufacturing activity data of China, Japan, Korea, and Taiwan will be released later in the day.  Japan’s Nikkei is trading higher by 1.52 percent while Shanghai, Hang Seng, and Kospi are also trading higher by 0.69 percent, 1.52 percent, and 1.42 percent respectively.

SGX Nifty is now Gift Nifty trading slightly higher, up by 18 points or 0.03 percent at 19363 levels. The indication getting from the Asian stock market is positive. The Indian stock market indexes are likely to open higher and will trade on a positive note. Traders should remain cautious ahead of S&P Global PMI Manufacturing data, expected in the late morning.

 

U.S. Stock Market Indexes update

 

The US stock markets ended higher on Friday, as the market sentiments were upbeat after the fresh data showed that the inflation cooled down more than expected. The weaker-than-expected consumer spending eased the concern that Fed is likely to lean hawkish in the next meeting. 

Tech stocks rallied after the inflation data was released on Friday. The share price of Apple gained more than 2% and closes above $3T. The US stock market indexes, Dow Jones and S&P 500 gained 0.84 percent and 1.23 percent respectively, while the tech-heavy Nasdaq jumped 1.45 percent on Friday.

 

European Stock Market Indexes Updates

 

European stock market indexes ended higher on Friday as eurozone inflation fell more than expected in June. The market sentiments were boosted, as the US inflation data came better than expected. The June inflation data in the euro area eased due to the impact of the ECB’s monetary policy tightening but remains above the 2% target. 

All major sectoral indices ended in the positive territory including banks, chemicals, insurance, and retail gained over 1 percent. The Pan-European Stoxx 600 index ended over 1.2% on Friday. The key European stock market indexes, CAC and DAX gained 1.18 percent and 1.25 percent respectively, while FTSE was up by 0.79 percent on Friday.

 

Indian Stock Market Indexes

 

Indian stock markets ended with significant gains on Friday. The Sensex and Nifty gained as the session progressed and closed at a record high on the last trading session of the first half year of 2023. The market sentiments gained due to positive global cues, FIIs inflow, and progress in the monsoon.

The market breadth was quite strong with the advance decline indicating a ratio of 2:1 at the close. FIIs and DIIs were net buyers in the Indian equity markets, FIIs bought shares worth Rs 6397.13 crore while DIIs purchased Rs 1197.64 crore on Friday.

 

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News you should read before the trade setup for today 3 July 2023

 

On Saturday, Finance Ministry said that India’s gross GST revenue collection in June was Rs 1.61 lakh crore, up by 12% on a YoY basis. The country’s highest GST revenue collection was 1.87 lakh crore in April 2023 and the gross revenue of GST collection crossed the 1.6 lakh crore mark for the fourth time since the inception of GST in India.

 

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Happy Investing!!

Editor’s Desk