Trade Setup for Monday: Stock Market Today (5 February 2024)
Trade Setup for Monday, 5 Feb 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock market indexes are mostly trading in the red on Monday, as investors are waiting for services activity data from various countries in the region. Meanwhile, Singapore will also release retail sales data for December, and Thailand will announce its inflation rate for January. Japan’s Nikkei is trading higher by 0.40%, while Australia’s S&P ASX 200 index is down by 0.92%, slipping from its all-time high on Friday.
South Korea’s Kospi index is trading is trading lower by 1.52%. Shanghai and Hang Seng are also trading lower by 1.41% and 0.72% respectively. The Straight Times and Taiwan both are trading in the red at 7.15 am IST.
U.S. Stock Market Indexes Updates
US stock market indexes closed higher on Friday, as strong earnings from Meta fueled a rally in the tech space, despite the optimistic job report that created uncertainty about the Fed’s March rate cut. The Dow Jones Industrial Average (DJIA) and S&P 500 index closed record highs, while Nasdaq closed on a strong note.
The shares of Facebook-parent Meta Platform gained 20% after the social media giant beat analyst’s expectations. The company also announced a quarterly dividend for the first time and a $50 billion share buyback program. The Dow Jones and S&P 500 closed higher by 0.35% and 1.07% respectively, while the tech-heavy Nasdaq jumped 1.74% on Friday.
European Stock Market Indexes Updates
On Friday, European stock market indexes gave up most of their early gains in the last hour, as investors reacted to the surprising US monthly job data. The economic data showed that the UK’s retail footfall declined in January, mainly due to adverse weather conditions.
Friday’s session was quiet on the earnings and economic data front, as no major corporate earnings or economic data releases in Europe. The pan-European Stoxx 600 index closed slightly higher by 0.01% to 483.93. The key European stock market indexes, CAC and DAX gained 0.05% and 0.35% respectively, while the UK’s FTSE was down by 0.09%.
Indian stock markets
Indian stock market indexes erased some intraday gains and closed the volatile session with moderate gains on Friday. The equity benchmarks opened higher and extended their early gains to their highest level since mid-January. Nifty index has hit a fresh record high at 22126.80 on Friday. However, the indices witnessed a sharp fall from their peak value in the late morning session and ended with moderate gains.
The market breadth was quite strong with the advance decline indicating a ratio of 3:2 at the close. FII and DII were the net buyers in the Indian equity ash segments. FIIs have bought shares worth Rs 70.69 crore while DIIs sold shares worth 2463.16 crore on Friday.
Quarterly Earnings for Today
Bharti Airtel, Varun Beverages, Ashok Leyland, Linde India, BSE Limited, Tata Chemicals, Cholamandalam Financial Holdings, Alembic Pharmaceuticals, Sun Pharma Advanced Research Company, Orient Cement will announce their third quarterly results on February 5.
Stock Market Today
Asian market cues are negative today, while Wall Street closed higher on Friday. The Gift Nifty is trading 49 points down at the 21910 level. The indication from Asian markets and Gift Nifty is slightly negative today. Indian stock market indexes are likely to open in the red and trade volatile.
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Editor’s Desk
