Trade Setup for Tuesday 31 Jan: Stock Market News

 

Trade setup for Tuesday 31 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 mixed on Tuesday, as investors are cautious ahead of the crucial events lined up during the week. Nikkei is trading marginally lower by 0.10 percent while Hang Seng and Shanghai are trading higher by 0.37 percent and 0.17 percent respectively. SGX Nifty is also trading higher by 68 points or 0.39 percent at 17773 levels.

The indication getting from the Asian markets is mixed today. The Indian stock markets are likely to open on a cautious note and would remain volatile.

 

U.S. and European stock market indexes update

 

The US stock market indexes ended lower on Monday as investors preferred to book profit ahead of the US Federal Reserve policy meeting and a slew of big corporate earnings due on the same day. The 25 bps rate hike has already been priced into the market and investors are concerned that Fed could signal more hikes this year.

Technology, Chip-related, and Energy stocks were under pressure on Monday. The equity benchmarks, Dow Jones and S&P 500 closed lower by 0.77 percent and 1.30 percent respectively while Nasdaq tanked by 1.96 percent on Monday.

European markets closed marginally lower on Monday, as investors focused on the next Fed meeting which begins Tuesday. The two-day meeting will conclude on 1st February with FOMC’s interest rate decision. Almost all sectors closed in the negative territory, led by tech sectors while food and beverage stocks ended higher on Monday.

The pan-European ended higher by 0.02% on Monday. The key European stock market indexes, CAC and DAX closed marginally lower by 0.21 percent and 0.16 percent respectively while FTSE closed higher by 0.25 percent on  Monday.

 

Indian stock market updates

 

Indian stock market indexes closed marginally higher on Monday amid high volatility. The market sentiments remain cautious ahead of Union Budget and other crucial events lined up during the week. The Adani Group stocks remained volatile and ended mixed despite the company’s reply back to Hindenburg Research. The market breadth was negative today with the advance decline indicating a ratio of 3:4 at the close. FIIS were the net sellers, they offloaded Rs 6792.80 worth of shares while DIIs bought Rs 5512.63 crore on Monday

 

Q3 Results Today

 

Coal India, Power Grid Corporation of India, Sun Pharmaceutical Industries, UPL, ACC, BASF India, Godrej Consumer Products, Indian Hotels, Indian Oil Corporation, Jindal Steel & Power, KEC International, KPIT Technologies, Blue Star, Edelweiss Financial Services, Great Eastern Shipping, Max Financial Services, MOIL, RailTel Corporation of India, Star Health, and TTK Prestige will announce their Q3 results on Tuesday 31st January 

 

News you should read before the trade setup for today 31 Jan 

 

On Monday, according to TeamLease’s“ Employment Outlook Report,” the average attrition rate across manufacturing and services industries increased sequentially to 8.27 percent in the Oct-Dec end quarter. With a continuation of the ‘Great Churn’ attrition across industries witnessed a 0.46 percentage point increase from an average of 7.81 percent in the second quarter to 8.27 percent in the third quarter.

According to Reuter’s report, India’s annual pre-budget economic survey is likely to peg GDP growth at 6-6.8% for 2023-24. This would be the slowest in three years. The country’s economy rebounded from the Covid Pandemic by the Russia-Ukraine war increased the inflationary pressure and prompted the RBI to reverse its ultra-lose policy. You can read the full report here

 

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Happy Investing!!

Editor’s Desk