Trade setup for Wednesday 16 March 2022- Morning report

 

Trade setup for Wednesday– Good morning and welcome to the morning reports, the top things to know before the market opens today March 16, 2022

Asian markets are trading higher on Wednesday tracking positive cues from Wall Street overnight amid eased in crude oil prices. Nikkei is trading higher by 1.48 percent while Hang Seng and Shanghai are trading higher by 2.22 percent and 0.47 percent respectively. SGX Nifty is trading strong, up by 231 points or 1.39 percent at 16883 levels at 7.35 am IST.

The indication from the Asian markets is positive, Indian stock market indexes are likely to open a gap up today but remain volatile as Fed’s interest rate decision is expected later today

 

The US and European market Indexes update

 

The US markets closed higher on Tuesday as crude oil prices slipped below $100 per barrel, concerns about inflation eased somewhat. Investors bet for quality stocks and are ready for the 25 bps points interest rate hike in the Fed policy outcome expected later today. The US indexes, Dow Jones and S&P 500 gained 1.82 percent and 2.14 percent respectively while Nasdaq gained 2.92 percent on Tuesday.

European market indexes trimmed their early losses and closed marginally lower on Tuesday amid negative cues from the Asian market peers. Investors were concerned about the rising covid cases in China and its stance towards Russia-Ukraine conflicts. 

However, UK’s job data showed there was both an increase in employment and a decrease in unemployment in the three months to the end of January 2022. European market indexes FTSE fell 0.25 percent while CAC and DAX closed lower by 0.23 percent and 0.09 percent respectively on Tuesday

Indian stock market updates

 

Indian stock markets opened higher amid negative cues from the other Asian market peers. The domestic markets were volatile in the first half and later fell sharply. The benchmark indices, Sensex and Nifty fell 1.26 percent and 1.23 percent respectively. FIIs were the sellers and DIIs were the buyers in the cash market segment. FIIs sold Rs 1249.74 crore while DIIs bought Rs 98.25 crore in the cash segment on Tuesday.

 

Top news and updates you should know before the trade setup for Wednesday, March 16, 2022

 

On Tuesday FM Nirmanal Sitharaman said that the Indian economy is well prepared to absorb any upcoming external shock in terms of capital outflow induced by an uncertain geopolitical crisis, however, inflation remains a concern. India has adequate forex reserves to absorb any upcoming external shock.

The Minister of State for Finance Bhagwat Karad said that no public sector bank has faced any loss in the April-December period of the current fiscal year. It made a collective net profit of Rs 48,874 crore during this period.

The crude oil prices slip on Tuesday in the hopes of the ceasefire talks started today between Russia and Ukraine and surges of covid cases in China also spurred the demand concerns. Brent crude oil price touched the day low at $97.44 while WTI crude touched $93.54 per barrel.

 

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Happy Investing!!

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