Trade Setup for Wednesday 24 May: Stock Market Today
Trade setup for Wednesday 24 May 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens today and ahead of your trade setup.
Asian stock market indexes are trading on a weak note on Wednesday, as investors are closely watching the slow progress of US debt ceiling negotiation talks. Japan’s Nikkei is trading lower by 0.81 percent despite the country’s manufacturing activity expanding for the first time in seven months in May. Hang Seng, Shanghai, and Kospi are also trading lower by 1.16 percent, 0.73 percent, and 0.15 percent respectively at 7.05 am IST
SGX Nifty is also trading lower by 70 points or 0.38 percent at 18290 levels. The indication getting from the Asian market is negative. Indian stock market indexes are likely to open lower today and would trade volatile.
U.S. Stock Market Indexes update
The US stock market indexes closed lower on Tuesday, as another round of debt ceiling negotiation talks ended on a positive note but without any conclusion. The latest data showed that services activity rose more than expected in April to a 12-month high, and investors worried that this may ultimately boost inflation.
Tech stocks fell the most due to a jump in Treasury yields. Retailers also closed mostly lower on Tuesday. Regional banks added some gains after PacWest Bancorp said it would sell $2.6 billion of loans to boost its finances. The Energy sector climbed after the prospect of further production cuts.
The key US stock market indexes, Dow Jones and S&P500 declined by 0.69 percent and 1.12 percent respectively, while tech-heavy Nasdaq was down by 1.26 percent on Tuesday.
European Stock Market Indexes Updates
European stock market indexes closed lower on Tuesday as US debt ceiling negotiation talks continued at slow progress. Sectors were closed mixed, Household goods fell followed by industrials while Oil & Gas stocks gained. The latest survey report showed that the eurozone Composite Purchasing Manager’s index jumped in May driven by services, with manufacturing hit by weak demand and a fall in selling prices.
The pan-European Stoxx 600 index closed 0.6 percent lower. The key European stock market indexes, FTSE and DAX closed lower by 0.10 percent and 0.44 percent respectively while CAC closed sharply lower by 1.35 percent on Tuesday.
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Indian stock market updates
Indian stock market indexes closed marginally higher on Tuesday amid mixed global cues. Sensex and Nifty managed to close in the green despite profit booking in the last hour. The market breadth was quite positive with the advance decline indicating a 4:3 ratio at the close.
FIIs and DIIs were net buyers in the equity cash segment on Tuesday. FIIs bought shares worth Rs 182.51 crore while DIIs purchased Rs 397.27 crore.
Q4 Results Today
Hindalco Industries, National Aluminium Company, FSN E-Commerce Ventures, Oil India, 63 Moons Technologies, Ashoka Buildcon, Bayer CropScience, Brigade Enterprises, Cummins India, Fine Organic Industries, ICRA, India Cements, IRCON International, JB Chemicals & Pharmaceuticals, Nava, Gujarat Pipavav Port, Garden Reach Shipbuilders & Engineers, The Phoenix Mills, Hitachi Energy India, Trident, Titagarh Wagons, and Wonderla Holidays will announce their quarterly earnings on 24 May 2023
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