Trade Setup for Thursday, 26 October 2023: Stock Market Today

 

Trade Setup for Thursday

 

Trade setup for Thursday, 26 October 2023– Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Markets

 

Asian stock market indexes are trading lower on Thursday following a sharp fall in the US markets overnight. Japan’s Nikkei is trading lower by 1.57 percent, while Australia’s S&P ASX 200 index is down by 0.88 percent. 

South Korea’s Kospi is trading in the deep red, down by 1.42 percent, as its GDP grew slightly higher than expected in the third quarter. Traders worried about further central bank’s monetary policy tightening in the November meeting.

The Shanghai index trimmed some early losses and is trading lower by 0.23 percent, while Hang Seng is trading slightly higher by 0.29 percent at 7.15 a.m. IST. Elsewhere, Straits Times and Taiwan are also trading lower at this moment.

Gift Nifty is down by 32 points or 0.17 percent at 19047 levels. The indication from Asian stock markets is negative today. The Indian stock market indexes are likely to open lower and will trade volatile today ahead of the monthly F&O expiry.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed lower as Treasury yields resumed their upward journey and tech stocks slipped after Alphabet’s earnings disappoints. The 10-year Treasury yield climbed again to 4.961% on Wednesday ahead of Q3 GDP data which is due on Thursday, yield was settled at 4.826% on Tuesday. On the economic front, new home sales in the US rose more than expected in September.

Alphabet dragged more than 9% after its upbeat quarterly earnings were overshadowed by its slow growth in the cloud business. Shares of Boeing Co fell 2.5% after the aircraft maker posted a wider-than-expected loss and cuts in its annual guidance. 

Meanwhile, Microsoft gained 3.07% despite a sharp fall in tech shares, as the software maker reported better-than-expected quarterly results with strong growth in cloud business.

The key US stock market indexes, Dow Jones and S&P 500 declined by 0.32 percent and 1.43 percent respectively while Nasdaq fell sharply by 2.43 percent on Wednesday.

 

European Stock Market Indexes Updates

 

European stock markets erased early losses and mostly closed in the green on Wednesday, as investors assessed more quarterly earnings in the region. The pan-European Stoxx 600 index ended slightly higher by 0.04 percent, with mining leading the gain on China’s stimulus optimism while the retail sector declined.

French payment company Worldline tanked around 60% after the company cut its annual earnings target due to the macroeconomic slowdown, particularly in Germany. French software maker Dassault Systemes gained 8% after raising its full-year profit outlook. Shares of Deutsche Bank gained after the German Lender beat third-quarter earning estimates.

The key European stock market indexes CAC and DAX gained 0.31 percent and 0.08 percent respectively while the UK’s FTSE was up by 0.33 percent on Wednesday.

 

Indian Stock Market Indexes

 

Indian stock market indexes closed lower for the fifth consecutive day on Wednesday. The domestic market sentiments fell sharply despite the positive global cues. Barring Metal and PSU Banks all sectoral indices ended in the red, with Media, Financial Services, and IT falling the most. 

The market breadth was negative with the advance decline indicating a ratio of 2:5 at the close. FIIs were the net sellers in the Indian equity cash segments, they offloaded shares worth Rs 4236.60 crore while DIIs were the net buyers, they purchased shares worth Rs 3569.36 crore on Wednesday.

 

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Editor’s Desk