Trade Setup for Thursday 16 Feb: Stock Market News

 

Trade setup for Thursday 16 Feb 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

The major Asian stock market indexes are trading higher on Thursday, as investors digested stronger US retail sales data and a record trade deficit in Japan. The key equity indexes in Asian markets Nikkei, Hang Seng, and Shanghai are trading higher by 0.85 percent, 2 percent, and 0.73 percent respectively.

The SGX Nifty is also trading higher by 52 points or 0.29 percent at 18072 levels. The indication getting from the Asian markets is positive today. The Indian stock market indexes are likely to open higher today.

 

U.S. and European stock market indexes update

 

The US stock markets erased all intraday losses and closed marginally higher on Wednesday after the latest data showed a rebound in retail sales, a sign of economic growth. Whereas the upside was capped as this could prompt Federal Reserve to continue interest rate hikes in the March meeting.

Heavy buying was seen in the technology sectors, Apple and Alphabet were the big gainers. The Energy stocks declined due to falling in crude oil prices and following a much larger-than-expected build in U.S. weekly crude stockpiles. The US equity benchmarks Dow Jones and S&P 500 gained 0.11 percent and 0.28 percent respectively while Nasdaq jumped 0.92 percent on Wednesday.

European stock market indexes pared early losses and closed higher on Wednesday. The sentiments were upbeat despite the strong US retail sales data for January and hotter-than-expected US inflation data. Earlier the latest data released in the morning showed that UK’s CPI inflation fell for the third month in a row in January but remain above 10 percent.

The pan-European Stoxx 600 reversed early losses and closed higher by 0.53%. All major sectors closed higher on Wednesday led by Construction while banking stocks closed lower after Barclays announced the quarterly results on 15 Feb. The key European stock market indexes, FTSE and DAX closed higher by 0.55 percent and 0.81 percent respectively while CAC gained 1.19 percent on Wednesday.

 

Indian stock market updates

 

Indian stock market indexes closed higher for the second consecutive day on Wednesday amid weak global cues. The global sentiments were downbeat, as US inflation came in hotter than expected in January, and investors fret about further interest rate hikes by Federal Reserve in March. 

The market breadth was strong today with the advance-decline indicating a ratio of 3:2 at the close. FIIs and DIIs both were net buyers, FIIs purchase Rs 432.15 crore worth of shares while DIIs bought Rs 516.64 crore on Wednesday.

 

Q3 Results Today

 

Nestle India and Schaeffler India will announce their third-quarter earnings on February 16

 

News you should read before the trade setup for today 16 Feb

 

On 15 Feb, RBI said that it has granted in-principle authorization for 32 existing payment aggregators to act as online payment aggregators. Earlier, the RBI issued circulars dated March 17, 2020, and 31 March 2021 on guidelines on the Regulation of Payments Aggregators and Payment Gateways.

Amazon (Pay) India Pvt Ltd, Google India Digital Services Pvt Ltd, Infibeam Avenues Ltd, Reliance Payment Solutions Ltd, and Zomato Payments Pvt Ltd, among others have been granted in-principle authorization. Applications are under process for an additional 18 existing payment aggregators, the RBI said.

On Wednesday, the official data released showed that the country’s merchandise exports fell 6.58% YoY to $32.91 billion in January. The exports fell for the second month in a row mainly due to slowing global demand. The trade deficit touched a 12-month low of $17.75 billion in January as imports also shrank 3.63% for the second consecutive month. Imports during the month amounted to $50.66 billion, according to the official data.

 

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Happy Investing!!

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