Trade Setup for Wednesday: Stock Market Today (27 March 2024)
Trade Setup for Wednesday, 27 March 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 mostly higher on Wednesday, despite weak cues from Wall Street overnight. Investors are looking for China’s industrial profit data and digested Australia’s inflation data. Japan’s Nikkei 225 is trading higher by 0.61%. Australia’s S&P ASX 200 is up 0.26% after the country’s inflation reading came lower than expected in February.
South Korea’s Kospi index erased all intraday gains and is trading flat. Shanghai is trading lower by 0.47% ahead of the industrial profit data, while Hang Seng is down 1.45%. The Straits Times and Taiwan are trading in the positive territory at 7.15 am IST.
U.S. Stock Market Indexes Updates
US stock market indexes gave up early gains in the late trade and closed in the red on Tuesday, as investors digested consumer confidence data which fell to its lowest level since November. The market sentiments were positive most of the sessions, as the data released earlier showed that the durable goods orders rose more than expected in February.
Investors are now looking for the “PCE price index data” the Fed’s preferred gauge of inflation, due on Friday. Some Fed official speeches are also expected this week including Fed Chair Jerome Powell on Friday.
On the equity news, Nvidia witnessed profit booking, down over 2%, while the chipmaker Seagate Technology rose more than 7% after Morgan Stanley upgraded the company. The electric vehicle maker Tesla also rose around 3% on Tuesday.
The US stock market indexes, the Dow Jones Industrial Average (DJIA), and S&P 500 index closed lower by 0.08% and 0.28% respectively, while the Nasdaq composite index was down by 0.42% on Tuesday.
European Stock Market Indexes Updates
European stock market indexes closed marginally higher on Tuesday tracking positive cues from Asian and US markets. The pan-European Stoxx 600 index gained 0.24% and hit a fresh record high today, with retail stocks gaining the most, while mining stocks closed lower. On the economic front, German Consumer Sentiments remained in negative territory but slightly improved in March.
On the equity news, shares of Ocado gained more than 3% after the grocery delivery services reported an increase of 10.6% YoY revenue in its retail division for the first quarter. The shares of German holiday group Tui gained more than 4% despite the company warning that travelers should expect delays this Easter holiday period due to strike action
The European stock market indexes, CAC and DAX closed higher by 0.41% and 0.67% respectively, while the UK’s FTSE was up by 0.17% on Tuesday.
Indian stock markets
Indian stock market indexes closed lower on Tuesday, snapping a three-day gaining streak. The domestic equity benchmarks opened lower, tracking negative cues from Wall Street overnight, and traded below their neutral line throughout the day. Selling pressure was witnessed in heavyweight frontline stocks, while Nifty mid and smallcap indices gained.
The market breadth was slightly on the sellers’ side, with an advance decline indicating a 2:3 ratio at the close. FIIs and DIIs were net buyers in the equity cash segments, FIIs bought shares worth Rs 10.13 crore, while DIIs acquired shares worth Rs 5024.36 crore.
Stock Market Today
The cues from the global markets are mixed today, as the US markets ended in the red, while Asian markets are trading mostly in the green. Gift Nifty closed edged lower on Tuesday and is trading 19 points down, at 22048 levels. The indication from the Gift Nifty is slightly negative today. Indian stock market indexes will likely open flat to the negative and trade volatile.
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News you should read before the trade setup for today, 27 March 2024
On Tuesday, according to the latest Reserve Bank of India data, the country’s current account deficit (CAD) narrowed to $10.5 billion in the Q3FY2023-24. The Oct-Dec end CAD data amounted to 1.2% of India’s GDP, while in the previous quarter, it was $11.4% or 1.3% of GDP, and for the same period last year, CAD was $16.8 billion or 2% of GDP.
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