Trade Setup for Thursday 1 Sept: Stock Market News
Trade Setup for Thursday 1 Sept– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
The Asian stock market indexes are mostly trading in the red on Thursday following the weak cues from Wall Street overnight. Nikkei and Hang Seng are trading lower by 1.61 percent and 0.95 percent respectively while Shanghai is trading higher by 0.26 percent. The SGX Nifty is trading lower by 41 points or 0.23 percent at 17469 levels.
The indications getting from the Asian and other markets are negative for the Indian stock markets. Nifty may open in the red and on a cautious note today.
The US and European market indexes update
The US stocks fell across the board on Wednesday for the fourth consecutive session. The US stock market indexes erased all early gains and closed in the red as Federal Reserve officials talk up rate hikes to keep bullish bets on the sideline. Investors now await for monthly Unemployment rate due on Friday to gauge the pace of interest rate hikes by the Fed.
The US key stock market indexes, Dow Jones and S&P 500 slipped 0.88 percent and 0.78 percent respectively while Nasdaq was down by 0.56 percent on Wednesday.
European stock market indexes declined on Wednesday following the weak cues from the US markets and a record high inflation in the eurozone. The eurozone core CPI hit a record high on the back of rising prices of non-energy Industrial goods and services. The market sentiments were also hit as Germany’s rate of unemployment was reported at up to 5.5% in the month of August
The pan-Europe index STOXX 600 fell 1.1% to six-week lows, caring its losing streak to the fourth consecutive session. The key European stock market indexes, FTSE and CAC declined 1.05 percent and 1.37 percent respectively while DAX was down by 0.97 percent on Wednesday.
Indian stock market updates
Indian stock markets rallied on Tuesday amid positive global cues. The Indian markets were closed on Wednesday on account of Ganesh Chaturthi. On Tuesday, the benchmark indices, Sensex and Nifty gained 2.70 percent and 2.58 percent respectively on the expectation of strong GDP data for the Q1FY23.
The market breadth was quite strong with the Advance-Decline indicating a ratio of 4:1 at the close. FIIs were the net buyers, they bought Rs 4165.85 crore worth of shares in the Indian equity cash segment on Tuesday, while DIIs sold Rs 656.72 crore.
News you should read before the trade setup for today 1 Sept
India’s GDP growth for Q1FY23 surges to 13.5% at the fastest pace in a year due to the favorable base effect and fastest economic recovery following the relaxation of the pandemic-led restriction. Asia’s third-largest economy posted double-digit growth in the first quarter of the current fiscal but missed the expectation, as economists were expecting 15% growth in the Q1FY23.
On Wednesday, as per the data released by the Ministry of Commerce and Industry, the country’s Eight Core Industries grew by 4.5% in July against 9.9% recorded in the same month last year. The index of Core Industries measures the combined and individual performance of production in selected eight core industries viz. Coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity. Barring Crude oil and Natural Gas all other six industries recorded growth in July 2022.
India’s fiscal deficit for the first four months of this fiscal year through July stood at 3.41 lakh crore rupees, or 20.5% of annual estimates, as the government data showed on Wednesday. The fiscal deficit narrowed from 21.3% reported in the same month last year.
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