Trade Setup for Wednesday 10 August 2022
Trade setup for Wednesday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today August 10, 2022
Asian stock market indexes are mostly trading in the red on Wednesday tracking negative cues from Wall Street overnight. Nikkei and Hang Seng are trading lower by 0.58 percent and 0.47 percent respectively while Shanghai is trading marginally higher by 0.13 percent. The SGX Nifty is also trading negative, at present it is down by 39 points or 0.23 percent at 17501 levels.
The indications getting from the Asian markets are negative, Indian stock markets are likely to open in the red on Wednesday. Nifty may open slightly lower around 17500 levels.
The US and European market indexes update
The US stock market indexes closed lower on Tuesday ahead of the inflation figure, after chipmaker Micron’s profit warning weigh on tech stocks. As inflation is at a record high, investors preferred to sideline ahead of Wednesday’s CPI update, which will be key to the outlook for rate hikes and the direction of the market.
The US key market indexes, Dow Jones and S&P 500 fell 0.18 percent and 0.42 percent respectively while Nasdaq was down by 1.19 percent on Tuesday.
European stock market key indexes mostly closed in the red on Tuesday, as investors were cautious ahead of the US CPI inflation data which is due on Wednesday. European markets were down after the rate-sensitive tech stocks dragged amid an uptick in bond yields, as traders raised bets on a 50 bps interest rate hike by the ECB in September.
The pan European STOXX 600 index was down 0.6 percent, erasing all its Monday gain. The key European indexes CAC and DAX were down by 0.53 percent and 1.12 percent respectively, while FTSE was closed slightly higher by 0.08 percent on Tuesday.
Indian stock market updates
Indian stock markets closed higher on Monday on the back of buying in Metals, Banking, and Financial stocks. Sensex and Nifty gained 0.80 percent and 0.73 percent respectively on Monday. The market breadth was strong with the advance-decline indicating a ratio of 3:2 at the close. Tuesday, Indian markets were closed on account of Muharram. FIIs were the buyers, they bought Rs 1449.70 crore in the equity cash segment while DIIs were the sellers and they sold Rs 140.73 crore on Monday.
Today’s Q1 Earnings
Coal India, Eicher Motors, Hindalco Industries, Tata Consumer Products, IRCTC, Aarti Industries, Abbott India, Arvind Fashions, Ashoka Buildcon, CESC, Cochin Shipyard, Ipca Laboratories, Oil India, Patanjali Foods, Pidilite Industries, PB Fintech, Radico Khaitan, Sadbhav Engineering, SAIL, Indian Railway Finance Corporation, Cummins India, Endurance Technologies, General Insurance Corporation of India, Glenmark Pharmaceuticals, Indiabulls Housing Finance ITI, Jammu & Kashmir Bank, Jaiprakash Associates, Mazagon Dock Shipbuilders, Medplus Health Services, Metropolis Healthcare, NHPC,
News you should read before the trade setup for Wednesday 10 August 2022.
According to a survey by RBI, Households expect inflation to have moderated by as much as 80 basis points in July from the previous month. The RBI bi-monthly Household Inflation Expectation Survey showed that the consumer median inflation perception has moderated to 9.3 percent in July from 10.1 percent in May.
The Consumer Price inflation in India breached the RBI’s 6 percent upper limit for the fifth month in a row in June, now RBI survey indicates a moderation could be on the cards. The CPI inflation is due on Friday 12 August 2022.
The oil price is trading slightly lower on Wednesday after industry data showed the US crude stocks pile up last week, signaling a slow down in demand. The brent crude oil October’s future prices are trading around $96 per barrel, down by 0.21 percent.
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