Trade Setup for Tuesday 2 May: Stock Market Today

 

Trade setup for Tuesday 2 May 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today.

Asian stock market indexes are largely trading higher on Tuesday, as most markets returned after the long Labor Day weekend. Chinese stock markets will remain closed till Wednesday on account of Labor Day. Investors will be closely watching for Australian Central Bank’s monetary policy decisions scheduled on Tuesday.

The key Asian stock market indexes Nikkei, Kospi, and Hang Seng are trading higher by 0.15 percent, 0.73 percent, and 1.52 percent respectively (at 7 am IST). The SGX Nifty is trading slightly lower by 33 points or 0.18 percent at 18240 levels. The indication getting from the Asian markets is positive. The Indian stock market indexes are likely to open higher and will trade in the positive zone today.

 

U.S. Stock Market Indexes update

 

The US stock market indexes pared early gains and closed slightly lower on Monday despite the First Republic Bank rescue. J.P Morgan gained 2% as it become the preferred suitor to purchase First Republic Bank after the regional lender was taken over by regulators. Investors also remain cautious ahead of the crucial Federal Reserve monetary policy later this week.

Energy stocks, closed lower and drag on the broader market, due to a decline in Exxon Mobil Corp after Goldman Sachs downgraded the company to a “Neutral” from a “Buy” Rating. The key US stock market indexes Dow Jones and S&P 500 declined by 0.14 percent and 0.04 percent respectively while Nasdaq was down by 0.11 percent on Monday.

 

European Stock Market Indexes Updates

 

The European stock market indexes closed marginally higher on Friday. The stock markets were shut on Monday on account of Labor Day.

 

Indian stock market updates

 

Indian stock markets ended on a strong note on Friday amid positive global cues. Investors cheered on Friday as Nifty and Sensex closed above their psychological levels of 18K and 61K respectively. The domestic markets were closed on Monday 1st May, on account of Labour Day. 

The market breadth was strong once again with the advance decline indicating a ratio of 3:1 at the close. FIIs and DIIs both were buyers on Friday. FIIs bought Rs 3304.32 crore while DIIs invested shares worth Rs 264.27 crore in the last trading session of the week.

 

Q4 Results Today

 

Tata Steel, Ambuja Cements, Varun Beverages, Birla Cable, Cigniti Technologies, DCM Shriram, Newgen Software Technologies, Punjab & Sind Bank, Sasken Technologies, Fino Payments Bank, Home First Finance Company India, KEI Industries, Astec Lifesciences, Mold-Tek Technologies, Spandana Sphoorty Financial, and UCO Bank will announce their quarterly earnings on 2 May 2023

 

News you should read before the trade setup for today 2 May

 

The data showed by the Union Finance Ministry on Monday showed that the GST collection jumped to Rs 1.87 lakh crore in April 2023. This is an all-time high of GST collection with a substantial margin, the previous record high was Rs 1.68 lakh crore in April 2022.

India’s manufacturing activity expanded at the fastest rate in 2023 so far due to stronger factory orders and production. According to a survey conducted by S&P Global the manufacturing PMI index increased to 57.2 in April 2023 from 56.4 in March.

 

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You may also like to read,  Nifty and Bank Nifty Prediction for Tuesday 2 May 2023

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Happy Investing!!

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