Trade Setup for Wednesday 20 July 2022: Stock Market News
Trade setup for Wednesday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 20, 2022
Asian markets are trading higher on Wednesday tracking strong positive cues from the US markets overnight. Nikkei and Hang Seng are trading higher by 2.34 percent and 2.01 percent respectively while Shanghai is trading higher by 0.45 percent. SGX Nifty is also trading higher by 170 points or 1.04 percent at 16507 levels.
The indications getting from the global markets are very positive, Indian stock markets are likely to open a gap up. Nifty may open around 16500 levels.
The US and European market indexes update
The US stock market indexes closed sharply higher on Tuesday and recorded their biggest one-day gains in nearly a month. The market sentiments were upbeat as more companies joined big banks in reporting earnings that beat forecasts, amid higher inflation and Fed policy tightening denting corporate growth.
The US market indexes Dow Jones and S&P 500 gained 2.43 percent and 2.76 percent respectively while Nasdaq jumped 3.11 percent on Tuesday.
European markets erased early losses and closed sharply higher on Tuesday, extending gains to a third straight session. The market sentiment was positive after the report that Moscow would resume natural gas supply to Europe through the Nordstream 1 pipeline as before. Investors focus now shifted to quarterly earnings ahead of the European Central Bank interest rate decision, which is due later this week.
The strong rally on Wall Street due to optimistic corporate earnings and rising hopes that Fed will be less aggressive with its policy stance also helped to lift the market sentiments on Tuesday. The European market indexes, FTSE and CAC gained 1.01 percent and 1.79 percent respectively while DAX was up by 2.69 percent on Tuesday.
Indian stock market updates
Indian stock markets erased all early gains and closed higher on Wednesday amid mixed cues from Asian markets. The benchmark indices, Sensex and Nifty gained 0.45 percent and 0.38 percent respectively. The market breadth was quite strong with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net buyers in the equity cash market segment, they bought Rs 976.40 crore while DIIs sold Rs 100.73 crore on Tuesday.
Today’s Q1 Earnings
Wipro, IndusInd Bank, Havells India, Ceat, Century Plyboards, Gland Pharma, MIC Electronics, Newgen Software Technologies, Oracle Financial Services Software, Rane Engine Valve, Syngene International, Tata Communications, Hathway Cable & Datacom, JSW Ispat Special Products, Lloyds Steels Industries, Mastek, Agro Tech Foods, Reliance Industrial Infrastructure, Saetc will announce their Q1 earnings today.
News you should read before the trade setup for Wednesday 20 July 2022.
The Indian government has eliminated a levy on gasoline exports and cut windfall taxes on other fuels less than 3 weeks after they were imposed. This is because global crude oil prices fall sharply. This is a big relief for the country’s number one fuel exporters Reliance Industries and ONGC. The share price of both the company fell sharply after the tax was imposed and is now likely to rebound.
The country’s foreign direct investment (FDI) inflows have increased to $ 343.64 million in 2021 against $55.77 million in the previous year, according to the commerce and industry ministry said on Tuesday. The government has permitted 100 percent FDI through automatic routes in the research and development (R & D) sector.
The Minister of State for Finance Pankaj Chaudhary in a written reply to Rajya Sabha said that India’s economy will achieve the target set during the tabling of the Economic Survey in January 2022. It projected the real GDP during 2022-23 to grow by 8.0-8.5%. Chaudhary further said that sustained growth momentum has been observed in several high-frequency indicators.
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