Trade Setup for Thursday: Stock Market Today (4 April 2024)

 

Trade Setup for Thursday, 4 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 higher on Thursday, tracking positive cues from Wall Street overnight. The stock markets in China, Hong Kong, and Taiwan are closed today due to a public holiday. Japan’s Nikkei 225 rebounded today, up by 1.76% and trading above 40000 mark. Australia’s S&P ASX 200 index is up by 0.54%, snapping its two-day losing streak.

South Korea’s Kospi index is trading higher by 1.08% after a sharp fall in the previous session, as heavyweight Samsung added more than 1% on expectation of stronger quarterly profits. The Straits Time is trading higher by 0.59% at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed mixed on Wednesday as investors assessed fresh economic data and Powell’s comments on rate cuts. The ISM Services activity data slowed to a three-month low and came below economist expectations. The ADP employment report released on Wednesday showed that the US private sector has added more than expected jobs in March.

The Federal Reserve’s Chairman Jerome Powell’s comment came just after the strong job report. He said Fed officials are supporting reducing the interest rate later this year, despite the recent data pointing stronger US economy and inflation picking up in the first two months of 2024.

The yields on the Treasury notes eased slightly after Powell’s comment. The 10-year Treasury yield closed slightly lower at 4.355% from the previous day’s closing of 4.361%. According to the CME FedWatch tool, the probability of a June rate cut is showing at 62% from 58% earlier this week.

The US equity benchmarks, the Dow Jones Industrial Average (DJIA) closed marginally lower by 0.11%, while the S&P 500 and Nasdaq composite ended higher by 0.11% and 0.23% respectively.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Wednesday after an unexpected fall in flash eurozone inflation data for March. The latest data released on Wednesday showed that the eurozone flash inflation rate dropped to 2.4% in March, it was reported 2.6% in the previous and the economists expected unchanged. The core inflation also slowed to 2.9% from 3.1% reported in the previous month.

This boosted the market sentiments, as investor’s hope for June rate cuts is now almost confirmed. The pan-European Stoxx 600 index gained 0.29%, with most sectors ending in the positive territory. Banking stocks gained the most, while food and beverages stocks dropped.

The key European stock market index, CAC and DAX closed higher by 0.28% and 0.46% respectively, while the UK’s FTSE was up by 0.03% on Wednesday.

 

Indian stock markets

 

Indian stock market indexes ended the volatile session with minor losses on Wednesday. The domestic markets opened a gap-down but immediately rebounded and traded volatile throughout the day. Investors remain cautious due to weakness in global markets and remained sidelined ahead of the RBI policy outcome on Friday.

The market breadth was strong with the advance decline indicating a 3:1 ratio at the close. FIIs were the net sellers in the equity cash segments, they offloaded shares worth Rs 2213.56 crore, while DIIs were the net buyers and they acquired shares worth Rs 1102.41 crore.

 

Stock Market Today

 

The cues from the US and Asian markets are positive today. Gift Nifty added 33 points on Wednesday at closing and is trading higher by 36 points at the 22591 level. The indication from global markets and Gift Nifty are positive today. Indian stock market indexes will open higher but remain volatile as services activity data will be released during the markets and cautiousness ahead of RBI policy outcome on Friday.

 

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Also, read  Tomorrow’s Market Outlook: Nifty and Bank Nifty Prediction for 4th April

 

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Editor’s Desk