Trade Setup for Wednesday 25 Jan: Market News
Trade setup for Wednesday 25 Jan 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 mostly higher on Wednesday tracking mixed cues from Wall Street overnight. Hang Seng and Shanghai are not trading today due to a holiday. Nikkei is trading marginally higher by 0.07 percent at this time while Straits Times and Kospi are trading higher by over 1 percent. SGX Nifty is trading lower by 4 points or 0.22 percent at 18094 levels.
The indication getting from the SGX Nifty is slightly negative. Indian stock market indexes are likely to open on a cautious note today. The domestic markets will remain volatile today due to the monthly F&O expiry.
U.S. and European stock market indexes update
The US stock market indexes closed mixed on Tuesday, as a series of major companies announced their quarterly earnings. The corporate earnings gathered pace, and more than 80 companies reported their quarterly results on Tuesday. The economic data showed a slower fall in the manufacturing and services sector in the first weeks of the year 2023.
The key US stock market indexes, Nasdaq and S&P 500 declined 0.27 percent and 0.07 percent respectively while Dow Jones ended higher by 0.31 percent at the close on Tuesday.
European stock market indexes closed mixed on Tuesday despite the flash PMI data showing modest growth for the eurozone in January, boosting hopes that the region may avoid recession. While the PMI readings from the UK showed that the manufacturing and services activity slipped at the sharpest rate in January.
The pan-European Stoxx 600 was down by 0.2 percent on Tuesday. Healthcare and oil and gas stocks fell 1.3 percent to lead the losses while travel and leisure stocks gained 1.4 percent. The key benchmark indexes, FTSE and DAX fell 0.35 percent and 0.07 percent respectively while CAC gained 0.26 percent on Tuesday.
Indian stock market updates
Indian stock markets erased all early gains and ended flat on Tuesday amid volatility. The domestic markets erased gains despite positive global cues. The market breadth was slightly negative with the advance decline indicating a ratio of 3:4 at the close.
Foreign investors continued their selling spree, as they offloaded Rs 760.51 crore worth of shares in the Indian equity cash segment, while Domestic Institutional Investors (DIIs) bought Rs 1144.75 crores on Tuesday.
Q3 Results Today
Tata Motors, Bajaj Auto, Dr. Reddy’s Laboratories, Cipla, Amara Raja Batteries, Arvind, Ceat, Indian Bank, Jyothy Labs, Olectra Greentech, Patanjali Foods, Tata Elxsi, Chennai Petroleum Corporation, Dixon Technologies, DLF, Embassy Office Parks REIT, Equitas Holdings, Go Fashion, Indraprastha Gas, TeamLease Services, Torrent Pharmaceuticals, and VIP Industries will announce their Q3 earnings today.
News you should read before the trade setup for today 25 Jan
The cost of borrowing for states has increased by 5 basis points to 7.64 percent at Tuesday’s auction when 15 of them raised Rs 25,700 crore from the market. The cost has inched up after remaining stable for many weeks.
The amount of debt raised on Tuesday is at a 13-week high and for the first time shows an annualized growth of 8 percent year-to-date — a first as throughout the year, the weekly borrowing has been below the year-ago weeks, yet 15 percent lower than the indicated amount in the borrowing calendar, according to ICRA rating report.
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