Trade Setup for Wednesday 15 March: Stock Market News

 

Trade setup for Wednesday 15 March 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 higher on Wednesday after tracking gains from Wall Street. Japan’s Nikkei is trading marginally higher by 0.09 percent, and banking and financial stocks are trading positively today. Hang Seng and Shanghai are trading strong at this moment ( 7.10 am IST) up by 2.09 percent and 0.50 percent respectively, as investors are also optimistic about the slew of economic data set to release in China later in the day.

SGX Nifty is trading higher by 96 points or 0.56 percent at 17208SGX Nifty  levels. The indication getting from the Asian and other global markets is positive today. The Indian stock market indexes are likely to see a gap-up opening and a bounce back after four consecutive falls.

 

U.S. and European stock market indexes update

 

The US stock market indexes ended higher on Tuesday, as regional bank stocks rallied and put aside worries about the recent turmoil. The market sentiment was boosted after the announcement of CPI inflation, which cooled modestly in February and in line with economist expectations.

The US Treasury yields also recovered slightly amid signs of easing pressure on banking stocks. The key US stock market indexes Dow and S&P 500 gained 1.06 percent and 1.65 percent respectively while Nasdaq was up 2.14 percent on Tuesday.

Europen stock market indexes gained on Tuesday, as traders digested the US Banks’ turmoil, including SVB’s collapse, and reacted to US inflation data which came in line with market expectations. The banking stocks gained after suffering the worst day in a year due to SVB’s collapse.

 All sectoral indices ended higher, the pan- European Stoxx 600 gained by 1.45 percent on Tuesday. The key European stock market indexes, CAC and DAX ended higher by 1.82 percent and 1.79 percent respectively while FTSE was up by 1.16 percent on Tuesday.

 

Indian stock market updates

 

The domestic markets ended lower for the fourth straight session on Tuesday. The market sentiments were weak due to turmoil in US banks, however, the downside was limited as India’s WPI inflation eased in February but remains above the RBI tolerance level. 

The market breadth was weak with the advance decline indicating a ratio of 1: 2 at the close. Foreign investors were net sellers, they offloaded shares worth Rs 3086.96 crore while DIIs bought Rs 2121.94 crore in the equity cash segment on Tuesday.

 

News you should read before the trade setup for today 15 March

 

On Tuesday, the Minister of State for Finance Pankaj Choudhary informed the Rajya Sabha that the government is taking steps to make India a USD 5 trillion economy earlier than the International Monetary Fund’s forecast year 2026-27.

Earlier, IMF’s World Economic Outlook said the size of the Indian economy will increase from USD 3.2 trillion in 2021-22 to USD 3.5 trillion in 2022-23 and will cross USD 5 trillion in 2026-27

The latest data showed on Tuesday that the US consumer price index rose 0.4% in February and 6% from a year ago, in line with market expectations. The core CPI which is excluding food and energy prices, rose 0.5% in February and 5.5% on a 12-month basis. 

 

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