Trade Setup for Tuesday 28 March: Stock Market News

 

Trade setup for Tuesday 28 March 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

The Asian stock market indexes are trading marginally higher on Tuesday as tension in the banking sector eased. All three key indexes, Nikkei, Hang Seng, and Shanghai are trading higher by 0.08 percent, 0.26 percent, and 0.12 percent respectively. SGX Nifty is also trading higher by 61 points or 0.36 percent at 17074 levels at 7.15 am IST

The indication getting from the Asian markets is positive. The Indian stock market indexes are likely to open in green today but traders should remain cautious.

 

U.S. and European stock market indexes update

 

The US stock market indexes ended mixed on Monday, as shares of regional lenders gained after First Citizen Bank agreed to buy large parts of Silicon Valley Banks. The deal has eased the ongoing tension in the banking sectors. The First Citizen bank shares rose 50 percent after the deal improved the sentiments. 

The US stock market indexes, Dow Jones and S&P 500 gained 0.60 percent and 0.16 percent respectively while tech-heavy Nasdaq ended lower by 0.47 percent on Monday. The tech stocks like Apple, Meta, Microsoft, and Alphabet all closed in the red on Monday

European stock market indexes closed higher on Monday after a sharp fall in Friday’s session. The market sentiments turned positive after the news from the US that the First Citizen Bank agreed to buy large parts of Silicon Valley Bank. However, investors remain cautious and on high alert for signs of stress in the banking system. 

All sectoral indices closed in the green on Monday, Auto, Healthcare, and Banking stocks were top gainers while mining stocks pared all early losses and closed higher. The pan-European Stoxx index closed 1.1 percent higher on Monday. The key European stock market indexes FTSE and CAC gained 0.89 percent each while DAX was up by 1.13 percent on Monday.

 

Indian stock market updates

 

Indian stock markets pared most of their intraday gains in the last hour on Monday and ended marginally higher. Markets were trading volatile ahead of the monthly F&O expiry on Wednesday. The market breadth was negative with the advance-decline indicating a ratio of 1:2 at the close. FIIs were the net sellers in the equity segments, they offloaded Rs 890.64 crore while DIIs bought Rs 1808.94 crore on Monday.

 

News you should read before the trade setup for today 28 March

 

The latest SBI Research Ecowrap report said that RBI is expected to pause the interest rate hike in its April 2023 meeting and the current 6.5% repo rate could be the terminal rate for now.

The 31st of March 2023 is the deadline for linking Aadhaar and PAN otherwise PAN will be inoperative. But the government is likely to extend the deadline for linking the permanent account number with Aadhaar by another two-three months, officials said. 

The Central Board of Direct Taxes could issue a notification to this effect soon, a government official, privy to the development, told Economic Times. However, a fee will have to be paid for the extended period. 

 

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Happy Investing!!

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