Trade Setup for Wednesday 6 Sept 2023: Stock Market Today

 

Trade setup for Wednesday 6 Sept 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

 

Asian Stock Markets

 

Asian stock market indexes are mostly trading lower on Wednesday, as Saudi Arabia and Russia extended voluntary oil production cuts till the end of this year. Japan’s Nikkei is trading higher by 0.67 percent, gaining for the eighth straight session. Australia’s S&P/ASX 200 is trading lower by 0.46 percent, ahead of the country’s second-quarter GDP data. 

Hang Seng and Shanghai indexes are also trading lower by 0.72 percent and 0.52 percent respectively. Elsewhere, Kospi is trading lower while Straits Times and Taiwan indexes are trading higher at 7.05 am IST.

Gift Nifty is trading slightly lower by 4 points at 19666 levels. The indication from the Asian stock markets is slightly negative. Indian stock market indexes are likely to open in the red and trade volatile.

 

U.S. Stock Market Indexes Update

 

The US stock market indexes closed lower on Tuesday, as Treasury yields rose, while energy stocks gained due to a rally in oil prices. The yields on the 10-year Treasury notes climbed to 4.259% as compared to the previous close of 4.186%. This has dragged the big tech stocks such as Amazon, Apple, and Google from 1 to 2.8 percent.

Meanwhile, the rally in oil prices was witnessed after Saudi Arabia and Russia extended oil production cuts till the end of this year, dragged the airline and cruise stocks, but energy stocks gained. The latest economic data showed that factory orders declined in July.

The US stock market indexes, Dow Jones and S&P 500 closed lower by 0.56 percent and 0.42 percent respectively, while the tech-heavy Nasdaq trimmed its early losses and closed slightly lower by 0.08 percent.

 

European Stock Market Indexes Updates

 

European stock market indexes closed lower on Tuesday, as weak Services activity data from China and the Eurozone hit the market sentiments. The latest data showed that the eurozone business activity fell sharply in nearly three years in August. The Composite PMI also fell below expectations for the fourth straight month to a 33-month low in August.

The latest data showed by the British Retail Consortium (BRC) that the UK’s retail sales were higher in August, as consumer confidence improved. The pan-European Stoxx 600 index ended 0.20 percent lower. Chemical stocks fell the most, while oil and gas gained due to a rise in crude oil prices. 

 

Indian Stock Market Indexes

 

Indian stock markets closed higher for the third consecutive day on Tuesday despite negative cues from the Asian Markets. The domestic markets traded above the flat line throughout the day in a narrow range. The market sentiments remain positive as the S&P Global survey reports showed the overall conditions in India’s services sector remained strong, with exports at a record high, even after the Services PMI index fell to 60.1 in August as compared to 62.3 in July. 

The market breadth was positive with the advance decline indicating a ratio of 3:2 at the close. FIIs were the net sellers they offloaded shares worth Rs 1725.11 crore while DIIs bought shares worth Rs 1077.86 crore on Tuesday.

 

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