Trade Setup for Monday 6 Feb: Stock Market News

 

Trade setup for Monday 6 Feb 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock markets are mostly trading in the red, following negative cues from the US markets on Friday. Nikkei is trading higher by 1.02 percent while Hang Seng and Shanghai are trading lower by 2.25 percent and 0.74 percent respectively on Monday at 7.20 am IST. The SGX Nifty is also trading slightly lower by 23 points or 0.13 percent at 17817 levels.

The cues from the Asian markets is negative while SGX Nifty is indicating flat opening for the Indian stock market Indexes today. Traders should remain cautious as markets will continue to trade volatile today.

 

U.S. and European stock market indexes update

 

The US stock market closed negative on Friday after the latest data showed strong job growth in January. Investors worried as upbeat job growth data could prompt Fed to keep the higher interest rate for a more extended period. Technology stocks declined on Friday due to disappointing quarterly results from Alphabet, Amazon, and Apple reported after markets on Thursday.

The key US stock market indexes, Dow Jones and S&P 500 closed lower by 0.38 percent and 1.04 percent respectively while the technology-driven index Nasdaq was down by 1.59 percent on Friday.

European stock market index advanced on Friday, as investors digested the central bank’s interest rate decision, economic data, and corporate earnings. The sentiment remains positive as eurozone composite PMI data showed business activity returned to growth in January for the first time in six months, raising hopes of avoiding recession.

The pan- European Stoxx 600 gained 0.34 percent on Friday. The key European equity indexes closed mostly in the green, as FTSE and CAC gained by 1.03 percent and 0.94 percent respectively while DAX was marginally down by 0.21 percent on Friday.

 

Indian stock market updates

 

Indian stock market closed higher on Friday after the foreign credit rating agencies vouched for Adani group. Investors bet on recent beaten-down stocks in the banking sectors ahead of the RBI monetary policy, which is scheduled on 8 Feb, Wednesday. 

The market breadth was slightly on the negative side with the advance decline indicating a ratio of 3:4 at the close. FIIs continued their selling spree, offloading Rs 932.44 crore in the Indian equity cash segments while DIIs bought Rs 1264.74 crore on Friday.

 

Q3 Results Today

 

Tata Steel, Adani Transmission, AGS Transact Technologies, Balaji Amines, Easy Trip Planners, LIC Housing Finance, Monte Carlo Fashions, Muthoot Finance, Nuvoco Vistas Corporation,  Infibeam Avenues, JK Paper, Kolte-Patil Developers, OnMobile Global, Shankara Building Products, SJVN, Tejas Networks, Unichem Laboratories, and Varun Beverages will announce their quarterly earnings today.

 

News you should read before the trade setup for today 6 Feb

 

The foreign rating agency Fitch Rating said that the higher spending and tax cuts and supportive policies announced in Indian Budget for 2023-24 are expected to support sustained demand growth and improve the longer-term prospects for corporates.

The rating agency further said that the tax cuts will boost consumer sentiments and maintain consumption growth, amid expectations of slower economic growth after the current financial year ending 31 March 2023

On Saturday, Union Minister Anurag Singh Thakur said India is now the hub of the ‘Start-up’ ecosystem in the world. The country is ranking third with 90,000 ‘Start-Ups’ and 107 unicorn companies worth 30 billion dollars.

The Minister for Information and Broadcasting, and Youth Affairs and Sports spoke at the valedictory function of the 36th Inter-University North Zone Youth Festival (Antarnaad) under the aegis of the Association of Indian Universities (AIU) at the Jammu University.

 

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You may also like to read, Nifty and Bank Nifty Prediction for Monday 6 Feb 2023

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Happy Investing!!

Editor’s Desk