Trade Setup for Thursday 1 Dec: Stock Market News
Trade setup for Thursday 1 Dec– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are trading higher on Thursday, following the positive cues from the US and European markets. The key Asian equity indexes Nikkei, Hang Seng, and Shanghai are trading higher by 1.13 percent, 2.24 percent, and 1.19 percent respectively at 7.20 am IST. The SGX Nifty is also trading higher by 50 points or 0.26 percent at 18966 levels.
The indication getting from the global markets is strong, Indian stock market indexes are likely to open a gap-up today. Overall market sentiment is positive but traders should remain cautious due to the weekly expiry scheduled today.
The US and European market indexes update
The US stock market indexes closed sharply higher on Wednesday after Federal Reserve Chair Jerome Powell signaled a potential slowdown in interest-rate hikes. Investors cheered as the CME FedWatch Tool showed a 75% chance that Fed will raise interest rates by 50 bps at its December meeting. The market sentiments were boosted as another reading showed the US economy rebounded more strongly than expected in the third quarter.
The US key equity benchmark Dow Jones gained more than 700 points or 2.18% and entered into the bull market while S&P 500 and Nasdaq jumped 3.09 percent and 4.41 percent respectively on Wednesday.
European stock market indexes ended higher on Wednesday, as investors cheered the cooler-than-expected inflation data from the eurozone in November. This has fueled the hopes that record-high inflation has peaked and the European Central Bank will begin slowing its interest rate hikes in the next meeting.
European equity benchmarks, FTSE, and CAC gained 0.81 percent and 1.04 percent respectively, while DAX was up by 0.29 percent on Wednesday.
Indian stock market updates
Indian stock market indexes made decent gains on Wednesday amid positive cues from Asian markets. Investors remained cautious ahead of the second quarter GDP data and Fed Chair Jerome Powell’s speech later in the day. The market breadth was quite positive with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net buyers, they bought Rs 9010.41 crore while DIIs sold Rs 4056.40 crore worth of shares in the equity cash segments on Wednesday.
News you should read before the trade setup for today 1 Dec
India’s GDP grew 6.3% in Q2 of FY23, government data shows on 30 November. In the previous quarter (April-June), GDP had expanded by 13.5%, its fastest pace in a year. Last year in FY 22, the GDP growth rate was 8.4 percent in the July-September quarter. The GDP number is at par with that RBI’s projection of 6.1- 6.3% growth for Q2
On Wednesday, the government data showed that the retail inflation for industrial workers rose to 6.08% in October from 6.49% in September 2022. The drop in inflation for industrial workers is mainly due to the lower prices of certain. food items
According to the latest data shown by the government, the Indian fiscal deficit for the first seven months of the current fiscal year stood at 7.58 crore rupees or 45.6% of annual estimates
The latest government data showed on Wednesday that the growth of core sector industries slowed to 0.1% in October as compared to 8.7% seen for the same month last year. Production of eight infrastructure sectors had expanded by 7.8% in September, the highest in three months.
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