Trade Setup for Thursday: Stock Market Today (28 March 2024)

 

Trade Setup for Thursday, 28 March 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 markets are trading mostly in the red on Thursday despite the Wall Street rally and the S&P 500 closed at a record high overnight. The sentiments are downbeat due to a hawkish speech by the Fed official after the US market closed, pushing the Treasury yields higher. 

Japan’s Nikkei 225 is down by 1.33%. Australia’s S&P ASX 200 trimmed early gains and is trading higher, by 0.85% after hitting a record high in early trade, as the country’s retail sales data for February came below expectations. 

The Kospi index is trading lower by 0.38%. Shanghai and Hang Seng indexes are trading near their flat line, looking for direction. The Straits Times is trading, in the positive zone, while Taiwan is trading in the red at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

US stock market indexes ended higher on Wednesday. The Dow Jones gained the most due to a rally in Utility stocks, while the S&P 500 index hit another fresh record high. The market sentiments were positive as Treasury yields slipped ahead of a speech from Federal Reserve governor Christopher Waller due later in the day, PCE Price index data, and Fed Chair Powell’s speech on Friday.

The yields on the 10-year Treasury note closed lower at 4.194% on Wednesday from 4.238%. However, it is trading higher at 4.215% after Fed Governor Christopher Waller’s speech, who still sees no rush in cutting rates amid sticky inflation.

In equity news, the shares of Merck Pharma gained around 5% after the US Food and Drug Administration approved its treatment for a rare lung disease. Trump Media & Technology Group gained over 14%, a day after its strong debut on the Nasdaq. Meanwhile, GameStop slipped 15%, after the struggling video game reported a decline in fourth-quarter revenue amid competition.

The key US stock market indexes, the Dow Jones Industrial Average (DJIA), and the S&P 500 index closed higher by 1.22% and 0.86% respectively, while the Nasdaq composite index gained 0.51% on Wednesday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Wednesday, as investors digested upbeat quarterly reports and optimistic economic data. According to a closely watched survey, eurozone economic sentiments improved in March to the highest level in three months. Meanwhile, Sweden’s Central Bank holds the key interest rate as expected and suggested rate cuts in the coming months.

On the equity news, H&M gained 15% after the first quarter operating profit rose more than analysts expectations. The share price of Diploma gained more than 9% after the company announced that it had bought  Peerless Aerospace Fastener.

The European stock market indexes, CAC, and DAX closed higher by 0.24% and 0.49% respectively, while the UK’s FTSE closed slightly higher by 0.01%.

 

Indian stock markets

 

Indian stock market indexes ended higher on Wednesday amid weak global cues. The domestic markets opened higher and extended early gains on the back of buying in Realty, Energy, and Auto stocks. However, some profit booking witnessed at a higher level in the last hour.

The market breadth was almost flat at the end with the advance decline indicating a neutral ratio at the close. FIIs and DIIs were the net buyers, FII bought shares worth Rs 2170.32 crore while DIIs acquired shares worth Rs 1197.61 crore.

 

Stock Market Today

 

The cues from global markets are mixed today. Gift Nifty closed higher by 33 points on Wednesday and is trading lower by 34 points at 22180. The cues from global markets are not favourable and Gift Nifty is also slightly negative. Indian stock market indexes will likely open, on a cautious note and trade volatile today.

 

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Also, read  Nifty and Bank Nifty Tomorrow Prediction & Analysis- March 28, 2024

 

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Editor’s Desk