Trade Setup for Wednesday: Stock Market Today (3 April 2024)

 

Trade Setup for Wednesday, 3 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 lower on Wednesday following the negative cues from Wall Street overnight. Electric Vehicle makers are in focus in the region after Tesla said its deliveries dropped 8.5% from the last year. A strong 7.5 magnitude earthquake hit Taiwan on Wednesday morning, multiple buildings collapsed, and Tsunami warnings were issued in Taiwan and Japan.

Japan’s Nikkei 225, is trading lower by 1.16%, while Australia’s S&P ASX 200 index is down by 1.10%. South Korea’s Kospi index is trading sharply lower by 1.44%. China Shanghai is down by 0.05%, and investors waiting for the country’s Services activity data, due later in the day. Hang Seng is trading lower by 0.56% after it rallied sharply in the previous session. The Straits Times and Taiwan are trading in the negative territory at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

US stock market indexes closed lower on Tuesday. The Dow Jones ended almost 400 down as healthcare stocks declined and Treasury yields climbed after speeches from several Fed officials. On the economic front, the JOLTs job opening rose in February, compared to the previous month, but remained a tad below expectations. 

The remark from several Fed officials came, after the strong job report suggesting there was no urgency to cut interest rates as inflation is above 2% and the economy is strong enough. This pushed the Treasury yields higher, the yields on the 10-year Treasury note climbed to 4.361% from 4.320% closed on Monday.

The Health care stocks including Humana Inc, UnitedHealth Group Incorporated, and CVS Health Corp fell sharply between 6% to 13% on Tuesday. The key US stock market index, the Dow Jones Industrial Average (DJIA), and the S&P 500 index closed lower by 1% and 0.72% respectively, while the Nasdaq composite index was down by 0.95% on Tuesday.

 

European Stock Market Indexes Updates

 

European stock market indexes gave up early gains and closed lower on Tuesday, the first trading session of the second quarter. The market sentiments were dented following weakness from the US markets and as the HCOB’s eurozone manufacturing PMI data slipped in March compared to the last month.

Meanwhile, the preliminary data showed the inflation rate in Germany fell in March, suggesting a downward inflation rate for the nation. According to the Nationwide Building Society survey, the house price rose in the UK in March.

The pan-European Stoxx 600 index erased all early gains and fell 0.80% on Tuesday, with almost all sectoral indices ending in the red. The retail stocks fell the most, while mining stocks ended higher. The key European stock market index, CAC and DAX closed lower by 0.93% and 1.15% respectively, while the UK’s FTSE was down by 0.22% on Tuesday.

 

Indian stock markets

 

Indian stock market indexes snapped a three-day winning streak and closed slightly lower on Tuesday. The domestic markets after opening flat traded below their neutral lines and ended with little change. The market sentiments were downbeat due to the depreciation of the Indian rupee against the US dollar, rising US bond yields, and oil prices.

The market breadth was quite strong with the advance declining indicating a 4:1 ratio at the close. FIIs were the net sellers, they offloaded shares worth Rs 1622.69 crore, while DIIs were the net buyers, they acquired shares worth Rs 1952.72 crore.

 

Stock Market Today

 

The cues from the US and Asian markets are negative. Gift Nifty closed lower by 108 points on Tuesday and is trading 30 points down at the 22469 level. The indication from the global markets and Gift Nifty are negative today. Indian stock market indexes will open lower today and remain volatile as a three-day RBI MPC meeting will kick off today, the outcome is due on 5th April.

 

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Also, read  Market Prediction: Anticipating Nifty & Bank Nifty Trends for Tomorrow, April 3rd

 

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Editor’s Desk