Trade Setup for Wednesday: Stock Market Today (24 April 2024)

 

Trade Setup for Wednesday, 24 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 higher on Wednesday following a rally in tech stocks from Wall Street overnight and as investors digested Australia’s inflation data announced today. Japan’s Nikkei 225 is up 1.68%, gaining for the third straight session, while Australia’s S&P ASX 200 trimmed some intraday gains, slightly trading higher by 0.06%, as CPI inflation slowed less than expected in the March quarter.

South Korea’s Kospi index advanced 1.78% as heavyweight Samsung Electronics added 3% and lifted the index. China’s Shanghai Index is up 0.08% reversing some previous session’s losses, while Hang Seng added 0.95%. The Straits Times and Taiwan indexes are trading in the positive territory at 7 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes extended their early gains and closed higher on Tuesday. The S&P 500 and Nasdaq composite index rallied for the second straight session, due to upbeat corporate earnings, and ahead of Tesla’s quarterly earnings. 

Investors are now looking ahead to the mega-tech earnings later this week. Meta Platform will announce its first-quarter results on Wednesday afternoon among the other mega tech stocks. Microsoft and Google-parent Alphabet will report their earnings on Thursday. Tesla, Nvidia, Meta, Microsoft, and Alphabet gained between 1.5% to 3%, on Tuesday ahead of earnings. 

On the economic front, the data showed by the Commerce Department that new home sales grew better than expected in March, as mortgage rates declined over the month. The S&P Global flash composite PMI data hit a four-month low and in contraction, while manufacturing and services activity hit multi-month lows in April.

The Dow Jones Industrial Average (DJIA) added 263.71 points or 0.69% at 38503.69. The S&P 500 index advanced 59.95 points or 1.20% and settled at 5070.55. The tech-heavy Nasdaq composite index surged 245.33 or 1.59% and finished at 15696.64.

 

European Stock Market Indexes Updates

 

On Tuesday, European stock market indexes ended higher, extending their previous session’s gain, as the latest economic data from the eurozone, boosted the investor’s sentiments. The HCOB flash composite purchasing managers’ index (PMI) beat expectations, rising to 51.4 from 50.3 in March, reaching at an 11-month high. Both Services and Manufacturing activity showed improvement in April as per the flash data.

The pan-European Stoxx 600 index gained 1.09% at the close. The UK’s FTSE witnessed a profit booking after reaching a new high but managed to close with a decent gain of 0.26% on Tuesday. Meanwhile, France’s CAC and Germany’s DAX ended higher by 0.81% and 1.53% respectively.

 

Indian Stock Markets

 

Indian stock market indexes traded sideways on Tuesday and ended marginally higher, rising for the third straight session. The equity benchmarks opened higher, following the positive global cues, and traded above their neutral line throughout the session. Investors were encouraged by the strong economic data, as India’s flash HSBC composite PMI rose in April, compared to March.

The market breadth was quite strong with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net sellers in the equity cash segments, they offloaded shares worth Rs 3044.54, while DIIs were the net buyers and bought shares worth Rs 2918.94.

 

Stock Market Today

 

The cues from Wall Street and Asian markets are positive today. Gift Nifty ended 48 points higher on Tuesday and is trading positively by 36 points at  22461 levels. The indications from global markets and Gift Nifty are positive. Indian stock market indexes will open a gap-up and trade volatile as today is the Bank Nifty’s monthly F&O expiry. 

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Also, read  Nifty and Bank Nifty Prediction for Tomorrow, 24 April 2024

 

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Editor’s Desk