Trade Setup for Wednesday 28 Dec: Stock Market News
Trade setup for Wednesday 28 Dec– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are mostly trading in the red, tracking mixed cues from US markets. Hang Seng is trading 2.16 percent higher after returning from the long weekend. Nikkei and Shanghai are trading lower by 0.65 percent and 0.45 percent respectively. SGX Nifty is also trading lower by 83 points or 0.44 percent at 18063 levels.
The indication getting from the other Asian stock market indexes is slightly negative. The Indian stock market indexes are likely to open lower today
The US and European stock market indexes update
The US markets closed mixed on Tuesday after China said it would open its border next month, and investors hope that it will support global growth. Gains were witnessed in Telecom, Oil and gas, and Utility stocks while profit booking was seen in Technology, Consumer Services, and Consumer Goods stocks.
At the close, the key US indexes Dow Jones gained 0.11 percent while S&P 500 and Nasdaq were down by 0.41 percent and 1.38 percent respectively on the first trading session after the holiday.
European stock market indexes closed higher on Tuesday after China officially announced overnight that it will end quarantine for inbound travelers on Jan 8. The UK’s FTSE was not trading today due to a public holiday. On a sectoral basis all sectors closed in the green today Auto gained the most while trade and leisure stock slipped marginally lower. Europe key index CAC and DAX gained 0.70 percent and 0.39 percent respectively on Tuesday.
Indian stock market updates
Indian stock market indexes closed higher for the second consecutive day on Tuesday amid volatility. The market sentiments were boosted due to positive cues from China, after the relaxation of the Covid-19 quarantine policy for travelers. The market breadth was quite strong with the advance decline indicating a ratio of 9:1 at the close. FIIs were the net sellers in the equity cash segment, they offloaded Rs 867.65 crore while DIIs bought Rs 621.81 crore on Tuesday.
News you should read before the trade setup for today 28 Dec
The finance ministry report stated that the government’s total debt increased to Rs 147.19 lakh crore at the end of September from Rs 145.72 lakh crore at the end of June this fiscal year. On a quarter-on-quarter (QoQ) basis, it increases by 1 percent in the second quarter of 2022-23 (FY23).
The report said the public debt accounted for 89.1 percent of total gross liabilities in September-end 2022, up from 88.3 percent as on June 30, the quarterly report on public debt management.
On Tuesday, the RBI said in its report that the Indian banks may have weathered the pandemic with high capital buffers and improved asset quality, but going forward, they face a highly uncertain outlook.
The caution is on account of continuing geopolitical tensions, tighter monetary and liquidity conditions, and potential adverse spillover effects on profitability and asset quality, the RBI said in it its report on the Trend and Progress of Banking in India 2021-22. You can read the detailed report on economic times here
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