Trade Setup for Thursday: Stock Market Today (25 April 2024)

 

Trade Setup for Thursday, 25 April 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 in the red on Thursday, as investors booked some profit after a two-day rally, while the overnight cues from Wall Street were not supportive. Investors will closely monitor Thursday’s US GDP data and digest South Korea’s first estimate of GDP growth, which showed the highest quarterly growth, since the fourth quarter of 2021.

Japan’s Nikkei 225 is trading lower by 1.36%, as the Bank of Japan begins its two-day monetary policy on Thursday. Australia’s stock market is closed today, due to a holiday. South Korea’s Kospi index is down by 1.08% despite the GDP growth beat expectations. Shanghai and Hang Seng indexes are trading lower by 0.30% and 0.29% respectively. The Straits Times and Taiwan are also trading lower at 7.10 am IST.

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed mixed on Wednesday, as the rising Treasury yields weighed on the market sentiments, while a sharp rally in Tesla lead tech stocks supported the S&P 500 and Nasdaq. The 10-year Treasury yields surged to 4.646% from 4.606% settled in the previous session ahead of the PCE price index data, the Fed’s preferred inflation gauge, due on Friday.

On the economic front, durable goods orders rose slightly more than expected in March. The Dow component Boeing shares dropped around 3% despite posting lower-than-expected losses and higher revenue, as Moody’s rating downgraded Boeing’s credit rating to Baa3 from Baa2. The shares of Tesla gained 12% after the EV maker posted weak first-quarter results on Tuesday after market hours and announced an affordable model to launch by 2025.

The key US stock market index, the Dow Jones Industrial Average (DJIA) closed slightly lower by 0.11%, while the S&P 500 and Nasdaq indexes gained 0.02% and 0.10% respectively.

 

European Stock Market Indexes Updates

 

European stock market indexes gave up early gains and closed marginally lower on Wednesday due to a profit booking after a sharp rally. Earlier, the key indexes in Europe were traded higher on the expectation of interest rate cuts in June and as inflation is declining. The UK’s FTSE ended slightly lower by 0.06% in the late trade, snapping a five-day losing streak.

The pan-European Stoxx 600 index erased all early gains and closed lower by 0.43%, with tech stocks ending higher while financial services declined on Wednesday. The key European stock market indexes CAC and DAX closed marginally lower by 0.17% and 0.27% respectively.

 

Indian Stock Markets

 

Indian stock markets closed marginally higher on Wednesday, rising for the fourth consecutive session. The equity benchmarks opened higher, following positive global cues, and traded steady throughout the session. The metal sector gained the most, while the IT sector ended in the red. The broader markets outperformed the equity benchmarks on Wednesday.

The market breadth was positive with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net sellers in the equity cash segments, they offloaded shares worth 2511.74 crore, while DIIs bought shares worth Rs 3809.90 crore on Wednesday.

 

Stock Market Today

 

The global cues are slightly negative today. Gift Nifty closed 50 points down on Wednesday and is trading flat at the 22368 level. The indications from global markets and Gift Nifty are slightly negative today. Indian stock market indexes will likely open near their flat line and remain volatile as today is the Nifty monthly F&O expiry.

 

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Also, read Nifty and Bank Nifty Prediction for Tomorrow, 25 April 2024

 

Happy Investing!!

Editor’s Desk