Trade Setup for Tuesday 24 Jan: Market News
Trade setup for Tuesday 24 Jan 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 trading higher on Tuesday, following the gains from Wall Street overnight. The major Asian stock markets including Shanghai, Hang Seng, and Taiwan are not trading today due to the Lunar New Year holiday. Nikkei is trading higher by 1.61 at 7.20 am IST. The SGX Nifty is also trading higher by 78 points or 0.43 percent at 18224 levels.
The indication getting from the Asian and other global markets is positive today. Indian stock market indexes will open higher today.
U.S. and European stock market indexes update
The US stock markets closed higher on Monday, as investors bet on slowing interest rates and were optimistic about the quarterly earnings. Technology and chip stocks rallied on Monday, as Microsoft which announced a further investment in Open AI on Monday will report its quarterly result on Tuesday. Investors focus now shifted to quarterly earnings, as about 90 S&P 500 companies are set to report their earnings during this busy week.
The key US stock market indexes Dow Jones and S&P 500 gained by 0.76 percent and 1.16 percent respectively while technology-heavy Nasdaq jumped 2.01 percent on Monday.
European stock markets closed higher on Monday and started the week positively, as investors reassessed the economic outlook. The market sentiments got boosted. as confidence among consumers in the eurozone rose in January for the fourth consecutive month. The falling energy prices and a decline in inflationary pressure have also lifted sentiment.
The pan-European Stoxx 600 closed 0.5% higher, while tech stocks gained the most by 2.2% while insurance stocks slipped on Monday. The key European indexes CAC and DAX gained 0.51 percent and 0.46 percent respectively while FTSE was up by 0.18 percent on Monday.
Indian stock market updates
Indian stock market indexes snapped a two-day losing streak and made decent gains on Monday. The domestic market sentiments were upbeat due to positive global cues and favorable corporate earnings. The market breadth was almost flat with the advance decline indicating a neutral ratio at the close.
FIIs were the net sellers, they offloaded Rs 219.87 crore worth of shares whereas DIIs bought Rs 434.96 crore in the Indian equity markets on Monday.
Q3 Results Today
Maruti Suzuki India, HDFC Asset Management Company, Colgate-Palmolive, CG Power and Industrial Solutions, Chalet Hotels, PNB Housing Finance, SBI Cards, and Payment Services, Sona BLW Precision Forgings, Tata Coffee, Gateway Distriparks, Granules India, Indoco Remedies, Indus Towers, Latent View Analytics, Macrotech Developers, Motilal Oswal Financial Services, Nazara Technologies, Pidilite Industries, TVS Motor Company, and United Spirits will announce their quarterly results on Monday 24 Jan 2023
News you should read before the trade setup for today 24 Jan
The NCAER-NSE Business Confidence Index (BCI) has recovered from the lows of the pre-pandemic (2019-20) and the following two pandemic years. According to the think-tank NCAER, the sentiments continued to soften sequentially in three-quarters of the current fiscal year (2022-23).
The BCI measured was higher at 126.6 in the third quarter of 2022-23 than the year-ago’s level of 124.4. However, the sentiments continued to soften sequentially in the first, second, and third quarters of 2022-23.
On Monday, the Reserve Bank of India (RBI) said that the sovereign green bonds issued by the Indian government would not have any restrictions on foreign investment. The central bank further said such securities will be counted as specified under the fully accessible route.
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