Trade Setup for Thursday, Sept 28, 2023: Stock Market Today

 

Trade Setup for Thursday

 

Trade setup for Thursday, Sept 28, 2023– Good morning, and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

 

Asian Stock Markets

 

Asian stock market indexes are mostly trading higher on Thursday, following the mixed cues from Wall Street overnight, as investors are concerned about the rising crude oil price and the US 10-year Treasury yields. Japan’s Nikkei is trading lower by 0.71 percent while Australia’s S&P/ASX 200 is trading higher by 0.23 percent.

South Korea’s Kospi is not trading today due to a public holiday. Shanghai is trading higher by 0.22 percent while Hang Seng is trading lower by 0.44 percent. Straits Times and Taiwan are trading higher at 7.15 a.m. IST.

Gift Nifty is trading higher by 15 points or 0.10 percent at 19710 level. The indication from the Asian markets is slightly positive. Indian stock market indexes are likely to open in the green and trade volatile today due to the monthly F&O expiry.

 

U.S. Stock Market Indexes Update

 

The US stock markets trimmed intraday losses and closed mixed on Wednesday. Dow Jones closed marginally lower by 0.20 percent as Treasury yields climbed to 4.62% marking a fresh 15-year high, while S&P 500 and Nasdaq closed slightly above their flat line, up by 0.02 percent and 0.22 percent respectively.

 On the economic front, the durable goods orders rose to 0.2% in August, better than the anticipation of -0.5% compared to the fall of 5.2% in July. The share of Costco was up about 2%, as the membership club company reported better-than-expected quarterly profits and revenue.

The Energy stocks including Marathon Oil Corporation, Occidental Petroleum, Devon Energy, and Pioneer Natural Resources gained more than 3% to 4% as crude oil prices rose sharply higher on Wednesday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed lower for the fifth consecutive day on Wednesday. The benchmark Stoxx 600 index declined by 0.18 percent, at its lowest level since March 28, due to concern about inflation as well as higher interest rates for the longer period.

Europe’s Real Estate index fell sharply by 2% after Jefferies downgraded several UK landlords, citing office market is in a “rental recession”

Insurance stocks declined by 1.7%, while oil and gas stocks gained by 1.6% as oil prices surged. Overall, investor’s mood was downbeat as they fretted over the possibility of higher interest rates for a prolonged period, while weakness in China’s property sectors also hit the market sentiments.

European stock market indexes, CAC, and DAX declined 0.03 percent and 0.25 percent respectively, while the UK’s FTSE was down by 0.43 percent on Wednesday.

 

Indian Stock Market Indexes

 

Indian stock market indexes pared earlier losses and ended with modest gains on Wednesday.  The domestic markets opened lower following the negative cues from Wall Street, in the second half markets reversed their position after getting support from the Asian and European markets. The broader markets outperformed the benchmarks. 

The market breadth was quite strong with the advance decline indicating a ratio of 3:2 at the close. FIIs were the net sellers in the Indian equity cash segments, they offloaded shares worth Rs 354.34 crore while DIIs were the net buyers, they bought shares worth Rs 386.28 crore.

 

Note:- With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy for Free. Click here to Open Free Trading and Demat Account and get a lifetime Demat AMC Free with Flat Rs 20 Brokerages

 

If you like the “Trade Setup for Thursday, Sept 28, 2023: Stock Market Today” please share it with others.

 

You may also like to read, Stock Market Prediction Next Week (25- 29 Sept 2023)

                                            Nifty and Bank Nifty Prediction for Tomorrow, Sept 28, 2023

 

Happy Investing!!

Editor’s Desk