Trade Setup for Monday: Stock Market Today (4 March 2024)

 

Trade Setup for Monday, 4 March 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 higher on Monday following gains from the US markets on Friday. Investors will closely watch China’s National People’s Congress meeting, which begins on Monday. China Premier Li Qiang is expected to deliver the government’s work report including economic and policy goals and the GDP growth target.

Japan’s Nikkei surpassed the 40000-mark, gaining 0.94 percent, while Australia’s S&P ASX 200 is trading flat to the negative. South Korea’s Kospi index is trading higher by 1.15%. The Shanghai and Hang Seng trades slightly lower by 0.17% and 0.40% respectively. The Straits Times is in the red, while Taiwan is in the positive territory at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes ended higher on Friday, as the ease in  Treasury yields fueled a rally in tech stocks. The Nasdaq composite index and S&P 500 closed at a fresh record high due to the optimism of early rate cuts and AI demand. 

On Friday, the economic data showed consumer sentiments and ISM manufacturing activity unexpectedly declined in February compared to the previous month. The in-line PCE price index and downtrend economic data pushed the Treasury yields lower, boosting the early rate cut hopes.

The chipmaker Nvidia led the tech rally by surging 4% on Friday, while Meta also gained more than 2% in the week’s last trading session. The major US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index closed higher by 0.28% and 0.80% respectively, while the tech-heavy Nasdaq gained 1.14% on Friday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Friday as investors digested eurozone inflation data for February. According to Eurostat, the flash estimate of the eurozone headline consumer price index fell to 2.6% from January’s 2.8% but remains above economists expectations of 2.5%. However, the core inflation continued its downward trend, falling to its lowest level in nearly two years.

In the corporate news, Grifols shares jumped more than 18% after the Spanish pharma company said it expects to more than double its operating cash flow generation in 2024. Shares of Daimler Truck gained more than 17% after raising its dividend and announcing a buyback program after upbeat quarterly earnings.

The pan-European Stoxx 600 index gained 0.60% with tech stocks leading the gains and insurance fell. The key European stock market indexes, CAC and DAX closed higher by 0.09% and 0.32% respectively, while the UK’s FTSE was up by 0.69%.

 

Indian stock markets

 

Indian stock market indexes closed slightly higher in a special trading session on Saturday. The domestic markets extended the previous sessions gained following positive global cues and strong domestic economic data and ended with minor gains. Sensex and Nifty hit a fresh record high at 73994.71 and 22419.55 levels on Saturday.

All sectoral indices ended in the green, with the Media, Metal, and Realty sectors added the most. The market breadth was positive in the short live session. FIIs and DIIs both were net sellers, in the equity cash segments. FIIs sold shares worth Rs 81.87 crore while DIIs offloaded shares worth Rs 44.71 crore.

 

Stock Market Today

 

The cues from Wall Street and Asian markets are positive. Gift Nifty is trading slightly lower by 13 points at 22515 levels. The indications from global markets and Gift Nifty are positive today. Indian stock market indexes are likely to open higher and trade positively.

 

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Editor’s Desk