Trade Setup for Thursday: Stock Market Today (14 March 2024)

 

Trade Setup for Thursday, 14 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 mixed on Thursday, as the rally in the US markets paused ahead of the PPI inflation and Retail sales data. Japan’s Nikkei 225 is down by 0.29% for the fourth straight session, as investors are closely monitoring any news from the wage negotiation ahead of next week’s BoJ’s policy meeting. Australia’s S&P ASX 200 index is down slightly by 0.06%.

South Korea’s Kospi index added 0.50%. Shanghai and Hang Seng indexes are trading higher by 0.48% and 0.27% respectively. The Strait Times is also up by 0.34%, while Taiwan is in the negative territory at 7.15 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes mostly closed in the red on Wednesday. The Dow Jones closed higher as Energy stock rose, while the S&P 500 and Nasdaq Composite index witnessed some profit booking ahead of Producer Price Index and retail sales data due on Thursday. The energy stocks gained as Crude oil prices jumped after the latest data showed US oil inventories fell sharply on Wednesday.

The share price of Tesla fell more than 4% after Wells Fargo downgraded the Electric Vehicle maker. The shares of Dollar Tree declined more than 14% as the discount retailer missed the fourth quarter results. Meanwhile, Intel declined more than 4%, adding pressure on other chip stocks.

The US stock market index, the Dow Jones Industrial Average (DJIA) closed marginally higher by 0.10%, while the S&P 500 and Nasdaq Composite index declined 0.19% and 0.54% respectively.

 

European Stock Market Indexes Updates

 

European stock market indexes closed mixed on Wednesday, as investors digested US inflation data and assessed the latest economic data released in the region. In the morning session, the economic data showed that the UK’s GDP growth in January 2024 rose in line with expectations. Separately, the industrial production data in the eurozone fell sharply in January.

The pan-European Stoxx 600 index gained 0.16%. Retail stocks gained the most, as Germany’s  Zalando and Spain’s Inditex gained the most after the quarterly results. The UK-based construction group Balfour Beatty jumped 9% after reporting strong full-year earnings.

The key European stock market index, France’s CAC closed higher by 0.62%, while Germany’s DAX ended edged lower by 0.02%. The UK’s FTSE was up by 0.31% on Wednesday.

 

Indian stock markets

 

Indian stock market indexes ended with significant losses on Wednesday. The domestic markets opened slightly higher and soon after opening the key equity indices turned negative. The market extended losses as the session progressed and ended about 1.5% lower. The mid and smallcap indices fell sharply lower amid high valuation concerns.

The market breadth was weak, with the advance-decline indicating a 1:5 ratio at the close. FIIs were the net sellers in the equity cash segments, they offloaded shares worth Rs 4595.06 crore, while DIIs were the net buyers and they acquired shares worth Rs 9093.72 crore.

 

Stock Market Today

 

The cues from the global markets are mixed today. On Wednesday, the Gift Nifty ended lower by 59 points and currently trades marginally lower at 22043. The indication from the global markets Gift Nifty is slightly negative. Indian stock markets are likely to open in the red and will trade volatile. Traders remain cautious ahead of the WPI inflation reading, expected today in the morning.

 

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Also, read  Nifty and Bank Nifty Prediction for Tomorrow, 14 March 2024

 

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Editor’s Desk