Trade Setup for Tuesday 1 Aug: Stock Market Today

 

Trade setup for Tuesday 1 Aug 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 markets are trading higher on Tuesday, as investors are looking ahead to the private manufacturing survey across the region. Nikkei is trading higher by 0.38 percent, as Japan’s unemployment rate fell slightly in June. South Korea’s Kospi is gaining the most in the region up by 1.18 percent. Hang Seng and Shanghai are trading higher by 0.92 percent and 0.06 percent at 7.10 am IST.

Gift Nifty is trading flat to positive, up by 4 points at 19890 levels. The indication getting from the Asian markets is positive today. Indian stock market indexes are likely to open higher today and will trade above the flat line.

 

U.S. Stock Market Indexes update

 

The US stock markets closed higher on Monday due to a rally in energy and tech stocks. Dow Jones wrap up second monthly gains while S&P 500 and Nasdaq rose for the fifth straight month in July. The share price of oil major Chevron Corp. rose more than 4 percent after Goldman upgraded it to buy from neutral. Energy stocks were also in demand as oil prices are increasing due to production cuts and rising demand.

The big tech stocks were trading higher on Monday ahead of the quarterly results of Apple and Amazon later this week. Meanwhile, Johnson & Johnson fell 4 percent after the company’s plan to place its subsidiary LTL Management into bankruptcy was rejected on Friday.

The key US stock market indexes, Dow Jones and S&P 500 gained 0.28 percent and 0.15 percent respectively while the Nasdaq was up by 0.21 percent at the close on Monday.

 

European Stock Market Indexes Updates

 

European stock market indexes mostly closed higher on Monday as investors digested the latest economic data released in the eurozone. The flash data showed that eurozone inflation fell to 5.3 percent in July, a decline from 5.5 percent reported in June. 

Separate data showed that the eurozone flash GDP data for the second quarter showed an expansion of 0.3 percent, the expectation was 0.2 percent. Investors are now looking ahead to PMI reading and key policy decisions from the Bank of England, later this week.

The pan-European Stoxx 600 index ended higher by 0.2 percent. Most of the sectoral indices closed in the green on Monday. Oil & Gas, and Healthcare sectors gained the most while food and beverages stocks ended in the red. The key European stock market index CAC closed higher by 0.28 percent while DAX was down by 0.14 percent. The UK’s FTSE was up by 0.07 percent on Monday.

 

Indian Stock Market Indexes

 

Indian stock markets closed higher on Monday amid positive global cues. The global sentiments were positive as inflation data showed further cool-down in the US and better than expected official manufacturing PMI reading in China. Auto sectors rallied ahead of the monthly sales reports which will start on 1 Aug. 

The market breadth was strong with the advance-decline indicating a ratio of 2:1 at the close. FIIs were the net sellers, they offloaded shares worth Rs 701.17 crore while DIIs bought more than three times of FIIs selling. DII’s net purchase was Rs 2488.07 crore worth of shares on Monday

 

Quarterly Earnings (Q1FY24)

Escorts Kubota, PVR Inox, Thermax, Cholamandalam Investment and Finance Company, Adani Total Gas, Dalmia Bharat Sugar and Industries, Gujarat Mineral Development Corporation, Godrej Agrovet, Anant Raj, Anupam Rasayan India, Aptus Value Housing Finance India, Metro Brands, Redington, Syrma SGS Technology, Tribhovandas Bhimji Zaveri, Thyrocare Technologies, Tracxn Technologies, Triveni Turbine, and Welspun Enterprises and others will announce their Q1FY24 quarterly earnings on Aug 1.

 

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News you should read before the trade setup for today 1 Aug 2023

 

On Monday, the data released by the Ministry of Commerce and Industry showed that India’s eight core sectors posted a growth of 8.2 percent in June, its highest in five months. The core sector’s growth in the previous month was revised to 5 percent from 4.3 percent.

 

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Happy Investing!!

Editor’s Desk