Trade Setup for Tuesday 14 June 2022: Stock market news
Trade setup for Tuesday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today June 14, 2022
Asian market indexes are trading lower on Tuesday tracking the negative cues from the US markets overnight. Nikkei and Hang Seng are trading lower by 2.21 percent and 1.20 percent respectively while Shanghai is trading lower by 0.69 percent at 7.15 am IST. The SGX Nifty is trading lower by 78 points or 0.50 percent at 15700 levels.
The Indications getting from the Asian markets are negative, Indian stock markets are likely to open in the red today. Nifty may open between 15680-15730 levels today.
The US and European market Indexes update
The US stock market indexes extended their previous session selloff on Monday as last month’s hotter-than-expected CPI data and expectations of a Fed rate hike later in the week remained in focus. The short-term 2-year Treasury yield rose almost 30 bps to 3.36% on Monday, its highest level in more than 15 years.
The S&P 500 declined 3.9% at the close, down more than 20% from its January record, sending it into a bear market for the first time since 2020. The US benchmark index, Dow Jones fell 2.79% while the Nasdaq was down by 4.68% on Monday.
European market indexes opened in a gap down following the Asian market peers. The stock market indexes closed sharply lower on Monday as investor sentiments were dominated by the prospect of the forthcoming interest rate hike. The travel and leisure stocks fell the most and dragged the indexes into negative territory.
The market sentiments were dented after the news of unexpected contraction for the UK economy, FTSE was closed lower by 1.53 percent on Monday, while CAC and DAX were down by 2.67 percent and 2.43 percent respectively.
Indian stock market updates
Indian stock markets fell sharply on Monday amid weak global cues and cautiousness ahead of India’s inflation data. The benchmark indices, Sensex and Nifty closed lower by 2.68 percent and 2.64 percent respectively. FIIs were the sellers and DIIs were the buyers in the equity cash segment. FIIs sold Rs 4164.01 crore while DIIs bought Rs 2814.50 on the first day of the week.
Top news you should read before the trade setup for Tuesday 14 June 2022.
India’s total merchandise exports are likely to be at $117.2 billion in the first quarter of the current fiscal year, according to the Indian Exim bank. The total merchandise exports stood at $ 95.5 billion in the corresponding quarter of the last year, the bank said on Monday. Non-oil exports continue to witness double-digit growth as compared to the year-ago period, the Exim bank said.
The country’s retail inflation cools down to 7.04% on an annual basis in May from 7.79% reported in April. This is due to the ease of food prices in the month of May. The retail inflation numbers came better than the analyst’s expectation but it is still above the RBI’s comfort levels.
On Monday, a report from a private research firm said that the government’s spending on information and technology will grow 12.1 percent to $9.5 billion in 2022. The growth estimate is less than a 15 percent jump in the government’s IT spending in 2021
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