Trade Setup for Tuesday: Stock Market Today (19 Dec 2023)

 

Trade Setup for Tuesday

 

Trade Setup for Tuesday, 19 Dec 2023: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Markets

 

Asian stock market indexes are mostly trading in the red on Tuesday, as investors are eagerly awaiting the Bank of Japan’s (BoJ) final rate decision for 2023 due later today. BoJ is likely to hold a negative interest rate this time according to a Reuters poll of economists. Investors will be closely out for the BOJ’s stance on its yield curve control policy. Japan’s Nikkei is trading slightly lower by 0.09%.

Australia’s S&P ASX 200 index is up by 0.58% as investors digested the RBA’s minutes for December policy. South Korea’s Kospi is trading slightly lower by 0.13%. Shanghai and Hang Seng are trading lower by 0.26% and 1.29% respectively. The Straits Times and Taiwan are trading in the negative territory at 7.15 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock markets closed in the green territory on Monday. The Dow Jones inched higher while the S&P 500 and Nasdaq closed with moderate gains as investors continued to assess mixed messages from Federal Reserve policymakers about the interest-rate outlook. On the economic front,  the National Association of Housebuilders’ housing market index came slightly higher to 37 in December, up from an almost 12-month low of 34 in November and above the expectation of 36.

US Steel jumped above 26% after Japan’s Nippon Steel said it would buy its rival in a deal worth $14.9 billion including debt, after the steelmaker offered itself up for sales earlier. The 10-year US Treasury yield climbed slightly higher on Monday to 3.939% from 3.914% settled on Friday.

The major indexes in the US stock markets, the Dow Jones Industrial Average (DJIA) ended flat to positive, while the S&P 500 index and Nasdaq gained 0.45% and 0.62% respectively.

 

European Stock Market Indexes Updates

 

European stock market indexes closed mixed on Monday. After a fifth consecutive week of gains, the pan-European Stoxx 600 index ended slightly lower by 0.27%. The sentiments were weak following subdued cues from Asian market peers and hawkish comments from the US Fed’s official saying rate cut talks are “premature.”

On the economic front, the IFO Institute’s Business Climate index, which surveys around 9,000 manufacturing, services, trade, and construction companies across Germany monthly, slipped to 86.4 in December from a downwardly revised 87.2 in November. This was below the economist’s expectation of 87.8.

Oil and Gas stocks gained the most due to a sharp rise in crude oil prices while construction and materials stocks fell the most. The major European stock market indexes CAC and DAX ended lower by 0.37% and 0.61% respectively while the UK’s FTSE was up by 0.50%

 

Indian Stock Market Indexes

 

Indian stock market indexes closed slightly lower on Monday, snapping a three-day rally. The equity benchmarks opened slightly lower and traded below their flat line for most of the session amid negative cues from Asian peers. The sentiments were also downbeat as US Fed officials made a hawkish statement that  “talks on rate cuts are premature” in an interview on Friday. 

The market breadth was slightly positive with the advance-decline indicating a ratio of 3:2 at the close. FIIs were net sellers in the Indian equity cash segments, they offloaded shares worth Rs 33.51 crore, while DIIs were the net buyers, they purchased shares worth Rs 413.88 crore

 

Stock Market Today

 

The cues from US markets are positive, while Asian markets are trading mostly in the red, as investors are cautiously waiting for the BoJ’s decision. Gift Nifty is trading slightly lower by 26 points at 21460 level. Indian stock market indexes are likely to open on a flat note and will trade volatile. The Asian market sentiments may change after the BoJ’s monetary policy decision and the Indian markets may follow the same.

 

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Happy Investing!!

Editor’s Desk