Trade Setup for Thursday 20 July: Stock Market Today
Trade setup for Thursday 20 July 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian Stock Markets
Asian stock market indexes are mostly trading higher on Thursday due to the release of key economic data in the region. Nikkei is trading lower by 0.57 percent, trimmed some intraday losses as Japan has posted a surprise trade surplus in almost two years.
Hang Seng and Shanghai are trading higher by 1.18 percent and 0.13 percent, as China kept the benchmark lending rate unchanged as expected. South Korea’s Kospi erased early losses and is trading flat at 7.15 am IST.
Gift Nifty is trading slightly higher by 4 points or 0.02 percent at the 19845 level. The indication getting from the Asian markets is slightly positive. Indian stock markets are likely to open in green and trade positively in most parts of the session.
U.S. Stock Market Indexes update
The US stock market indexes trimmed their intraday gains and closed higher on Wednesday, as more corporate announced their quarterly earnings. However, Nasdaq closed near the flat line due to a fall in Microsoft shares. Dow Jones registered gains for the eighth consecutive session on Wednesday, its longest winning streak since Sept 2019.
On the economic front, the US housing starts declined by 8 percent MoM basis in June, below the market estimates, according to the Department of Commerce. The key US stock market indexes, Dow Jones and S&P 500 gained 0.31 percent and 0.24 percent respectively, while the tech-heavy Nasdaq erased almost all intraday gains and closed 0.03 percent higher.
European Stock Market Indexes Updates
European stock markets closed higher on Wednesday, as the UK reports cooler than expected inflation data in June. The UK’s inflation came at 7.9 percent in June, down from 8.7 percent in May and the expectation was 8.2 percent. The Core and Services inflation also came lower than expected in June.
The pan- European Stoxx 600 index ended higher by 0.3 percent. Among the sectors oil & gas stocks closed higher by over 1 percent. The major European stock market index CAC was up by 0.11 percent while DAX was down by 0.10 percent.
The UK’s FTSE jumped 1.77 percent, as the British pound fell against the US dollar and euro and UK bond yields fell sharply after the inflation data released on Wednesday.
Indian Stock Market Indexes
Indian equity benchmarks ended higher for the fifth consecutive day on Wednesday. Sensex and Nifty closed higher near the day’s high after the last-hour rally. The ongoing rally is due to positive cues from US markets, persistent FIIs inflow, good progress in monsoon, and stable quarterly earnings.
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 shares worth Rs 1165.47 crore while DIIs offloaded shares worth Rs 2134.54 crore on Wednesday.
Quarterly Earnings (Q1FY24)
Infosys, Hindustan Unilever, Union Bank of India, ICICI Securities, 360 ONE WAM, Mphasis, Nelco, Persistent Systems, United Spirits, Coforge, CSB Bank, Dalmia Bharat, Havells India, IndiaMART InterMESH, Quick Heal Technologies, Reliance Industrial Infrastructure, Shalby, South Indian Bank, Tanla Platforms, and Zensar Technologies will announce their Q1FY24 quarterly earnings on 20 July.
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Editor’s Desk
