Trade Setup for Thursday 21 July 2022: Stock Market News
Trade setup for Thursday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 21, 2022
Asian markets are mostly trading in the red on Thursday despite positive cues from the US markets overnight. Nikkei and Hang Seng are trading lower by 0.28 percent and 0.62 percent respectively while Shanghai is trading lower by 0.18 percent at 7.15 am IST. The SGX Nifty is trading flat today and at 16499 levels.
The indications getting from the Asian market peers are slightly negative, Indian markets are likely to open in a cautious mode today. Nifty may open around 16500 levels today.
The US and European market indexes update
The US stock markets advanced on Wednesday as investors remain firmly focused on corporate earnings. The technology and other growths lifted the markets, as more corporate earnings reports were better than investors’ expectations.
The US stock market indexes Dow Jones and S&P 500 gained 0.15 percent and 0.59 percent respectively while the tech-heavy Nasdaq jumped 1.58 percent on Wednesday.
European stock market indexes closed slightly lower on Wednesday as geopolitical tension run high. Investors were also cautious ahead of the latest policy announcement from the European Central Bank on Thursday. The market sentiments remain subdued after the following reports that policymakers would discuss whether to increase the interest rate by a bigger than expected 50 bps to tame inflation.
European stock market indexes CAC and DAX fell 0.27 percent and 0.20 percent respectively while FTSE was down by 0.44 percent on Wednesday.
Indian stock market updates
Indian stock market indexes made a gap-up opening on Wednesday amid positive global cues. The domestic markets traded in a narrow range after opening a gap-up and later trimmed their intraday gains and closed near the opening levels. The benchmark indices Sensex and Nifty gained 1.15 percent and 1.10 percent respectively. FIIs were the buyers, they bought Rs 1780.94 crore while DIIs were the seller, they sold Rs 230.22 crore in the equity cash segment on Wednesday.
Today’s Q1 Earnings
CSB Bank, RBL Bank, IDBI Bank, Can Fin Homes, CRISIL, Cyient, Elecon Engineering, IndiaMART InterMESH, ICICI Securities, JSW Energy, Kajaria Ceramics, Embassy Office Parks REIT, Gujarat State Fertilizers & Chemicals, Happiest Minds Technologies, Hindustan Zinc, Himadri Speciality ChemicalMeghmani Finechem, Mphasis, Orient Bell, Persistent Systems, will announce their Q1 earnings today.
Top news you should read before the trade setup for Thursday 21 July 2022.
The government’s reversal on windfall taxes on Wednesday, after 18 days of announcing the moves led a Japanese brokerage to flag its impact on fiscal math. Nomura said the reversal markets maintain the earlier projection for a 0.4 percent fiscal slippage over the budgetary target of 6.4 percent for FY23
The retail inflation for farm workers and rural laborers came at 6.43 percent and 6.76 percent respectively, in June, due to the high price of food items. For the same month last year, the retail inflation for farm workers stood at 3.83 percent and that for rural laborers was at 4 percent, while in the previous month this year, CPI-AL and CPI-RL were 6.67 percent and 7 percent respectively.
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