Trade Setup for Tuesday 6 Sept: Stock Market News
Trade setup for Tuesday 6 Sept– 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 taking positive cues from US futures. Nikkei and Hang Seng are trading higher by 0.28 and 0.30 percent respectively while Shanghai is trading higher by 0.15 percent at 7.10 am IST. The SGX Nifty is trading higher by 37 points or 0.21 percent at 17721 levels.
The indication getting from the Asian markets is positive. The Indian stock market indexes are likely to open higher today. Nifty may open around 17730 levels today.
The US and European market indexes update
The US stock markets were closed on Monday on account of Labor Day.
European stock market indexes trimmed their early losses and closed in the red on Monday. Euro fell to a 20-year low against the dollar as the energy crisis deepens. The benchmark Stoxx 600 index was down by 0.62% on Monday, as Russia indefinitely suspended gas flows through the Nord Stream 1 pipeline to Germany last Friday, sending gas prices surging.
European key stock market indexes, FTSE managed to erase all early losses and closed higher by 0.09 percent on Monday while CAC and DAX fell 1.20 percent and 2.22 percent respectively.
Indian stock market updates
Indian stock markets closed higher on Monday amid negative cues from the global markets. The market sentiments were upbeat due to strong S&P Global PMI services data released during the month of August. The benchmark indices, Sensex and Nifty gained 0.75 percent and 0.72 percent respectively. The market breadth was strong with the Advance decline indicating a ratio of 2:1 at the close. FIIs were the net sellers, they sold Rs 811.75 crore while DIIs bought Rs 533.17 crore in the equity cash segments on Monday
News you should read before the trade setup for today 6 Sept
On Monday, while speaking at the annual gathering of the Fixed Income Money Market and derivatives Association of India (Fimmda), RBI Governor Saktikanta Das said that the country’s inflation is likely to stay within the tolerance band in the next financial year. Das has also said that the central bank is expecting the inflation to cool off from the second half of the current year and moderate further from the fourth quarter.
In a surprise move, OPEC+ has agreed to cut oil supply for October, seeking to stabilize global markets. The group has decided to reduce production by 100,000 barrels a day next month, taking supplies back to August levels. The crude oil prices jumped 4% after the news of the oil production cut. The Brent Crude November Futures closed at $95.19 per barrel on Monday and are trading marginally higher at $95.49 per barrel on Tuesday morning.
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