Trade Setup for Thursday 7 July 2022: 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 7, 2022
Asian stock market indexes are trading mixed despite positive cues from the US and European markets overnight. The Asian market sentiments are downbeat despite the ease of crude oil prices due to fresh covid outbreaks in China. Hang Seng and Shanghai trimmed most of their early losses and are trading lower by 0.85 percent and 0.10 percent respectively while Nikkei is trading higher by 0.69 percent at this time at 7.30 am IST
The SGX Nifty is also trading higher by 57 points or 0.36 percent at 16040 levels. The indication getting from the SGX Nifty is positive for the Indian stock markets today. Nifty may open higher around 16050 levels today
The US and European market indexes update
The US stock market indexes closed higher after the announcement of the Federal Reserve minutes of the last meeting. The minutes indicated the central bank’s efforts to control inflation by raising the interest rates. They also needed to pick up the pace of interest rate hikes because of an increasingly worrying inflation outlook.
The US stock market indexes, Dow Jones and S&P 500 gained 0.23 percent and 0.36 percent respectively while Nasdaq was up 0.35 percent on Wednesday.
European stock market indexes recovered some of their previous day’s losses on Wednesday and closed higher. Although investors were in fear of recession and remained cautious. The market sentiments were boosted by the news that Norwegian oil and gas workers had called off their strike, easing concerns of a supply shortage of oil.
The European market indexes FTSE and DAX closed higher by 1.17 percent and 1.56 percent respectively while CAC gained 2.03 percent on Wednesday.
Indian stock market updates
Indian stock markets closed strong on Wednesday amid mixed global cues. The domestic markets gained, as crude oil fell sharply and FIIs turned net buyers on Tuesday. The benchmark indices, Sensex and Nifty gained 1.16 percent and 1.13 percent respectively.
The market breadth was quite strong with the advance decline indicating a ratio of 2:1 at the close. FIIs were net sellers, they sold Rs 330.13 crore worth of shares while DIIs bought Rs 1464.33 crore in the equity cash segment on Wednesday.
Top news you should read before the trade setup for Thursday 7 July 2022.
On July 6, the Reserve Bank of India announced a series of measures to diversify sources of forex funding to mitigate volatility and dampen global spillovers. This includes foreign investors who can invest in short-term corporate debt and allow the purchase of more government securities under the fully accessible route.
The measures taken by the central bank come against the backdrop of the Rupee depreciating by 4.1% against the dollar during the current financial year so far amid ongoing geopolitical tensions.
Crude oil continued trading lower on Wednesday, Brent crude oil prices fell below $100 per barrel on Wednesday for the first time since late April. On Thursday, Brent crude oil prices in futures are trading at $99.59 per barrel.
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