Trade Setup for Thursday 20 Oct: Stock Market News
Trade setup for Thursday 20 Oct– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock markets are trading in deep cuts on Thursday amid weak cues from Wall Street overnight. Nikkei, Hang Seng, and Shanghai are trading lower by 1.31 percent, 2.40 percent, and 0.62 percent on Thursday. SGX Nifty is also trading lower by 113 points or 0.65 percent and at 17391 levels
The global cues are negative, and the Indian stock market indexes are likely to open lower today. Nifty may open around 17400 levels today.
The US and European market indexes update
The US stock market indexes closed lower on Wednesday after a volatile trading session, as the US benchmark Treasury yields climbed to a 14-year high. Investor’s fear of recession returned after UK’s record-high inflation data was released on Wednesday. The sentiments turned negative in the second half even after the better-than-expected corporate earnings were reported in the last two days.
The US key indexes, Dow Jones and S&P 500 closed lower by 0.33 percent and 0.67 percent respectively while Nasdaq was down by 0.85 percent on Wednesday.
European stock market indexes ended marginally lower on Wednesday, as investors were concerned about another interest rate hike after the high inflation data reported in the UK. The latest data showed UK inflation hit 10.1% in September, matching the 40-year high touched in July.
The pan-Europe Stoxx 600 ended lower by 0.5 percent. The European benchmark indexes FTSE and DAX were down by 0.17 percent and 0.19 percent respectively while CAC fell 0.43 percent on Wednesday.
Indian stock market updates
Indian stock market indexes pared some intraday gains and closed marginally higher on Wednesday amid mixed cues from Asian markets. The equity benchmark, Sensex and Nifty gained 0.25 percent and 0.14 percent respectively. The market breadth was almost flat with the advance-decline indicating a neutral ratio at the close. FIIs were the seller, they sold Rs 453.91 crore worth of shares in the equity cash segment while DIIs bought Rs 908.42 crore on Wednesday.
FY23 2nd Quarterly Results Today
ITC, Asian Paints, Axis Bank, Bajaj Finance, Tata Consumer Products, Colgate Palmolive, Aarti Drugs, Canara Bank, Central Bank of India, Clean Science and Technology, Coforge, Dixon Technologies, Happiest Minds Technologies, ICRA, Indian Energy Exchange, ICICI Securities, L&T Finance Holdings, Mphasis, Nazara Technologies, Shriram Transport Finance, Symphony, Tanla Platforms, United Breweries, Union Bank of India, etc will announce their 2nd quarterly results today
News you should read before the trade setup for today 20 Oct
The global economies are at risk and are in fear of recession but experts feel that India is a better place than many other developed economies in the world. A recent report from Fitch Ratings has a similar opinion to our experts.
The foreign rating agency not only acknowledged that risk to Asia’s third-largest economy’s sovereign rating from external is limited but it is also of the opinion that India’s forex reserves will remain robust and current account deficit will be contained at a sustainable level.
On Wednesday, RBI Monetary Policy Committee (MPC) member Ashima Goyal said that the efforts of the RBI to curb the high inflation rate by continuously increasing interest rates will likely fall below 6% next year. She has also confirmed that ”International commodity prices are softening with the global slowdown and supply chain bottlenecks have reduced,”
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