Trade Setup for Wednesday 1 March: Stock Market News
Trade setup for Wednesday 1 March 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock markets are mostly trading higher on Wednesday, as investors await a series of key economic data across the region. The major Asian benchmarks, Hang Seng and Shanghai are trading higher by 1.64 percent and 0.19 percent respectively, while Nikkei is trading marginally lower by 0.13 percent in the early trade. SGX Nifty is trading lower by 36 points or 0.22 percent at 17362 levels.
The Indian stock market indexes are likely to open in the red as indicated by the SGX Nifty. The sentiment may hit in the early trade, as India’s GDP number came below market expectations but in line with RBI projections.
U.S. and European stock market indexes update
The US stock market indexes closed lower on Tuesday, wrapping up the last day of February month on a disappointing note. The yield of a 10-year-old US Treasury note ticked up 3.92 Tuesday afternoon.
The Economic data released on Tuesday showed that retail inventories, excluding autos, rose 0.3%, higher than 0.1% expected by economists surveyed by Bloomberg. While, wholesale inventories declined 0.4%, below consensus estimates of 0.1%.
The key US stock market indexes, Dow Jones and S&P 500 declined by 0.71 percent and 0.30 percent respectively while Nasdaq ended marginally lower by 0.10 percent on Tuesday.
European stock market indexes closed lower on Tuesday, as inflation data in France and Spain came hotter than expected for February and on some corporate news. The inflation in both countries accelerated on a monthly and annual basis fret investors about an aggressive rate hike by the ECB.
The U.K.’s FTSE index and the pound were closely watched after the latest version of the UK-European Union trade deal signed by Rishi Saunak covering Northern Ireland.
The pan European Stoxx 600 was down by 0.3 percent on Tuesday. The healthcare sectors closed lower while Banking stocks gained. The key European stock market indexes CAC and DAX closed lower by 0.38 percent and 0.11 percent respectively while FTSE declined 0.75 percent on Tuesday.
Indian stock market updates
Indian stock markets closed lower for the 8th consecutive session on Tuesday. Traders were cautious and remained sidelined ahead of the Q3 GDP data. The market breadth was slightly on the positive side with the advance decline indicating a ratio of 4:3 at the close. FIIs were the net sellers they offloaded shares worth Rs 4559.21 crore while DIIs were the net buyers and they bought Rs 4609.89 crore on Tuesday
News you should read before the trade setup for today 1 March
On 28th Feb, the Controller General of Accounts showed that the central government’s fiscal deficit for the first 10 months of 2022-23 widened to 11.91 lakh crore. The fiscal deficit for 10 months of the current fiscal year 2022-23 accounts for 67.8 percent of the full-year target, it was 58.9 percent in the last financial year for the same period.
India’s output of eight crore industries showed a 7.8 percent growth in January 2023. This is as against the 4 percent growth registered for the same period last year and the 7.4 percent growth in the previous month. The production of fertilizers, coal, electricity, steel, natural gas, cement, and refinery products increased in January 2023 over the same period of last year.
India’s gross domestic product (GDP) for the October-December 2022 end quarter slows down to 4.4 percent, according to the data shared by the Ministry of Statistics and Programme Implementation showed on Tuesday. The GDP growth rate fell for the second consecutive quarter in the Oct-Dec end quarter and was lower than the 6.3 percent reported in the previous quarter.
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