Trade Setup for Tuesday: Stock Market Today (12 March 2024)
Trade Setup for Tuesday, 12 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 market indexes are trading mostly in the green on Tuesday following the mixed cues from Wall Street overnight. Japan’s corporate inflation for January came higher than expected, Nikkei 225 is trading lower by 1.25%. Australia’s S&P ASX 200 index bounced back after a sharp fall in the previous session, the index is up by 0.18%.
South Korea’s Kospi index is also trading higher by 0.41%. Shanghai is trading slightly higher by 0.12%, while Hang Seng is up by 1.21%. The Straits Times and Taiwan also trade in the green territory at 7.25 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed mixed on Monday ahead of inflation data, which will help to decide the timings of interest rate cut by the Federal Reserve. In the last week, several central bank officials including Fed Chair Jerome Powell have said, that they need more signs that inflation is declining before the bank starts interest rate cuts.
Investors will closely look for Thursday’s retail sales data and other economic data scheduled for the week. The key US stock market index, the Dow Jones Industrial Average (DJIA) managed to close in the green, and was up by 012%, while the S&P 500 and Nasdaq Composite indexes closed lower by 0.11% and 0.41% respectively.
European Stock Market Indexes Updates
European stock market indexes closed mostly in the red on Monday, following the losses from Asian markets. Investors remain cautious ahead of the US inflation and retail sales data, which are due later this week. The pan-European Stoxx 600 index declined 0.36%, with most sectors ending in the red. Technology stocks fell the most, while food and beverages stocks ended slightly higher.
Austria’s Raiffeisen Bank shares fell sharply by 7.4% amid concerns that it could face U.S. sanctions for doing transactions with Russia. The European stock market indexes CAC and DAX closed lower by 0.10% and 0.38% respectively, while the UK’s FTSE ended slightly higher by 0.12% on Monday.
Indian stock markets
Indian stock market indexes fell sharply and ended in the deep red on Monday. After a flat to positive start markets pared early gains and extended losses as the session progressed. Sensex and Nifty ended near the day’s low on the back of selling all sectors except pharma.
The market breadth was negative with the advance decline indicating a ratio of 2:3 at the close. FIIs and DIIs were net buyers in the Indian equity cash segments, FIIs bought shares worth Rs 4212.76 crore, while DIIs acquired shares worth Rs 3238.39 crore on Monday.
Stock Market Today
The cues from the US and Asian markets are mixed today. Gift Nifty closed 24 points higher on Monday and is trading 19 points up at 22443 levels. The indication from the Gift Nifty is positive today, Indian stock market indexes are likely to open higher but will remain volatile ahead of the Inflation data.
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Editor’s Desk
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