Trade Setup for Tuesday: Stock Market Today (2 April 2024)

 

Trade Setup for Tuesday, 2 April 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 higher on Tuesday, as investors assessed economic data released in the region. Australia and Hang Seng resumed their trading after the Easter holiday. Japan’s Nikkei225 is trading higher by 0.29%, rebounded after a sharp fall in the previous session. Australia’s S&P ASX 200 is trading flat to the positive, up by 0.02% as the country’s March factory activity contracted at the fastest pace since May 2020.

South Korea’s Kospi index is trading flat to positive, up 0.06% after the March inflation rate held steady, in line with economist expectations. Shanghai and Hang Seng are trading higher by 0.17% and 2.42% respectively. The Straits Times and Taiwan are trading, in the positive territory at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed mixed on Monday. The Nasdaq composite index managed to close above its flat line in the late trade, while Dow Jones and S&P 500 ended in the red on the first trading day of the second quarter. The market sentiments turned negative as the ISM Manufacturing PMI index rose unexpectedly in March showing strength in the economy but cooled investors’ expectations of the sooner-than-later Fed’s interest rate cut.

The Treasury yields climbed after the manufacturing activity data was released and the 10-year Treasury yields closed at 4.320% from the previous close of 4.205%. The market sentiments were hit as the strong economic data supported Fed Chair Powell and Waller’s last week’s message that the Fed doesn’t need to rush cutting interest rates amid signs of a strong economy. The probability of the Fed cutting interest rates in June has now eased to 57% from last week’s 65%.  

The Nasdaq composite closed higher by 0.11%, while the Dow Jones Industrial Average (DJIA) and the S&P 500 index closed lower by 0.60% and 0.20% respectively on Monday.

 

European Stock Market Indexes Updates

 

European stock markets were closed higher on Thursday, markets were shut on Good Friday and Easter Monday.

 

Indian stock markets

 

Indian stock market indexes closed with moderate gains on Monday, rising for the third straight session. The markets opened higher following positive global cues and as weekend data showed that India’s forex reserve hit an all-time high and eight core sectors grew significantly in February. 

On the global front, sentiments were favorable as China’s manufacturing PMI expanded more than expected. The hope of a June rate cut in the US after PCE price index data aligned with the Fed’s expectation also boosted the market sentiments.

Market breadth was quite strong with the advance decline indicating a ratio of 4:1 at the close. FIIs were the net sellers, they offloaded shares worth Rs 522.30 crore, while DIIs were the net buyers, acquiring shares worth Rs 1208.42 crore on Monday.

 

Stock Market Today

 

The cues from the US markets are negative, while Asian markets are trading higher today. Gift Nifty closed lower by 115 points on Monday and is trading 54 points up at the 22547 level. The mixed global cues and Gift Nifty indicate a positive opening for the Indian stock market indexes today. The manufacturing activity data is expected to be released during market hours today, economists expect stronger PMI data for March.

 

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News you should read before the trade setup for today, 2 April 2024

 

India’s Goods and Services Tax (GST) revenue collection for March 2024, recorded Rs 1.78 lakh crore. This is the second-highest collection ever, registering an 11.5% year-on-year growth, according to the finance ministry data release on April 1. For the complete fiscal year 2023-24, the gross GST revenue collection stood at Rs 20.18 lakh crore, which is 11.7% higher, compared to the previous year.

 

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Also, read  Nifty and Bank Nifty Prediction for Tomorrow, 2 April 2024

 

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Editor’s Desk