Trade Setup for Wednesday: Stock Market Today (10 April 2024)
Trade Setup for Wednesday, 10 April 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Market Indexes
Asian stock market indexes are trading mixed on Wednesday, as investors assessed the economic data in the region and waited for New Zealand, and Thailand’s Central Bank’s interest rate decisions later in the day. South Korea’s stock markets are closed today due to election polls. Japan’s corporate inflation rate rose in March, its third consecutive month of increases, but in line with economists’ expectations.
Japan’s Nikkei 225 is trading lower by 0.37%, while Australia’s S&P ASX 200 is gaining by 0.46%, heading for a third consecutive gains. The Shanghai index trades marginally lower by 0.24%, while Hang Seng is up by 1.19%. Meanwhile, Taiwan is trading flat to the positive at 7.20 am IST.
U.S. Stock Market Indexes Updates
On Tuesday, the U.S. Stock market indexes closed on a mixed note ahead of the crucial inflation data, due on Wednesday. The Dow Jones Industrial Average (DJIA) ended just below its flatline, while the S&P 500 and Nasdaq Composite index managed close in the green. Investors will have a close eye on the March inflation data for more clues on the Fed’s interest rate cut trajectory.
Investors are also looking into the minutes of the Fed’s last meeting which will be released on Wednesday, for more clues on rate cut path. The 10-year Treasury yields declined ahead of the inflation reading at 4.362% from its previous day’s close of 4.430%. Chipmaker Nvidia slipped more than 2% and weighs on other mega tech stocks.
The key US stock market index, the Dow Jones Industrial Average (DJIA) closed just below its flat line, and was down by 0.02%, while the S&P 500 and Nasdaq composite indexes closed higher by 0.14% and 0.32% respectively.
European Stock Market Indexes Updates
European stock market indexes closed lower on Tuesday, as investors preferred to book profit ahead of the crucial US inflation data, slated on Wednesday. Investors remained cautious ahead of the European Central Bank (ECB) interest rate decision and the UK’s GDP data, due on Thursday and Friday. It was a quiet trading session on Tuesday, with no economic data released during the day.
The pan-European Stoxx 600 index closed lower by 0.61%, with a majority of sectors ending in the negative territory after a rally in the previous session. The insurance sector fell the most, while the mining sector ended in the positive zone on Tuesday. The BP share price rose 1.45% to its highest level since October, after the company announced upbeat production in oil & gas in the first quarter.
The key European stock market indexes, CAC and DAX closed lower by 0.87% and 1.34% respectively, while the UK’s FTSE was down marginally by 0.11% on Tuesday.
Indian Stock Markets
Indian stock market indexes pared early gains and ended with minor cuts on Tuesday. The equity benchmarks opened higher following positive cues from Asian markets and extended gains in the first half. Sensex, Nifty, Bank Nifty, and Finnifty indexes clocked a new record high today. However, Sensex and Nifty erased all early gains in the second half and closed below their flat line.
The market breadth was on the sellers’ side as the advance declined indicating a 2:3 ratio at the close. FIIs were the net sellers in the equity cash segments, they offloaded shares worth Rs 593.20 crore, while DIIs were the net buyers they bought shares worth Rs 2257.18 crore.
Stock Market Today
The cues from the global markets are mixed today. Gift Nifty closed higher by 75 points on Tuesday. Presently Gift Nifty is trading 21 points down at 22810 levels at 7.20 am IST. The indication from the global market is mixed, while Gift Nifty is trading above 22810 signaling a positive opening for the Indian stock market indexes today. Traders should remain cautious at the higher levels, as profit booking can emerge ahead of US inflation data.
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