Trade Setup for Tuesday: Stock Market Today (23 April 2024)
Trade Setup for Tuesday, 23 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 following gains from Wall Street overnight and as investors are looking ahead for flash PMI data from the region. Japan’s Nikkei 225 is trading higher by 0.28%, while Australia’s S&P ASX 200 is up by 0.48%, as the flash composite PMI data hit a two-year high in April.
South Korea’s Kospi index is trading higher by 0.18%. The Shanghai index is trading lower by 0.22%, while the Hang Seng index started the day on a positive note up by 1.10%. The Straits Times and Taiwan are also trading higher at 7 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes ended higher on Monday, due to a rally in tech stocks ahead of quarterly earnings from mega tech stocks later this week. The Dow Jones ended higher, while the S&P 500 and Nasdaq Composite indexes snapped a six-day losing streak.
Oil prices traded lower as Middle East tension eased after Iran said, it would not escalate the tension further. The 10-year Treasury yields also closed slightly lower by 4.614% from its previous session close of 4.626%. The shares of Zions Bancorp gained over 3% after reporting upbeat first-quarter results, helping to lift other regional banking stocks.
Nvidia shares gained more than 4% after chip stock fell sharply, in the previous week. Arm Holdings shares also rebounded over 6%. Meanwhile, Tesla fell more than 3% ahead of quarterly earnings, after the EV maker announced fresh price cuts in several countries including China and Germany.
The Dow Jones Industrial Average (DJIA) gained 253.58 points or 0.67% at 38239.98. The S&P 500 index added 43.37 points or 0.87% and closed at 5010.60. The tech-heavy Nasdaq composite index ended higher by 169.30 or 1.11% and settled at 15451.31.
European Stock Market Indexes Updates
European stock market indexes started the week on a positive note on Monday, as investors breathed a sigh of relief after the Middle East tension eased. Investor’s focus now shifted to a fresh batch of corporate earnings this week. The pan-European Stoxx 600 index closed higher by 0.60%, majority of the sectors closed in the green. Telecoms stocks gained the most while the Auto sector ended lower.
The UK’s FTSE ended higher by 1.60%, gaining for the fourth consecutive session on the hope of summer interest rate cuts by the Bank of England. Meanwhile, France’s CAC closed marginally higher by 0.22%, while Germany’s DAX added 0.69% on Monday.
Indian stock markets
Indian stock market indexes closed higher on Monday erasing some losses after a selloff in the previous week. The market sentiments turned positive as investors relived after Middle East tension eased. All sectoral indices closed in the green with PSU Banks, Consumer Durables, and Healthcare leading the gains.
The market breadth was strong with the advance decline indicating a 4:1 ratio at the close. FIIs were the net sellers in the Indian equity cash segments, they offloaded shares worth Rs 2915.23 crore, while DIIs were the net buyers, they bought shares worth Rs 3542.93 crore.
Stock Market Today
The cues from Wall Street and Asian markets are positive today. Gift Nifty closed 73 points higher on Monday and is trading 50 points down at 22407 levels. The indication from the global markets and Gift Nifty are positive today. Indian stock market indexes are likely to open in the green and trade positively today.
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Editor’s Desk
