Trade Setup for Wednesday 8 Feb: Stock Market News

 

Trade setup for Wednesday 8 Feb 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 following the positive cues from Wall Street overnight. Nikkei is trading lower by 0.55 percent while Hang Seng and Shanghai are trading marginally higher by 0.20 percent and 0.04 percent respectively. The SGX Nifty is also trading higher by 62 points or 0.35 percent and at 17792 levels.

The indication getting from the Asian markets is positive. The Indian stock market indexes are likely to open in the green today. The markets will remain volatile due to the RBI Monetary Policy outcome scheduled today morning.

 

U.S. and European stock market indexes update

 

The US stock market indexes pared early losses and closed higher after Fed Chairman Jerome  Powell’s speech. He said 2023 should be a year of “significant declines in inflation.” His speech renewed investor hopes for a less aggressive monetary policy that came after a strong U.S. jobs report last Friday.

After a choppy trade, investors bet on technology stocks like Microsoft, Alphabet, and other heavyweight tech stocks. The key US stock market indexes, Dow Jones and S&P 500 gained 0.78 percent and 1.29 percent respectively while Nasdaq jumped 1.90 percent on Tuesday.

European stock market indexes closed mixed on Tuesday as investors kept a close eye on US Fed Chairman Jerome Powell’s speech later in the day. Investors remained cautious as they were looking out for more clarity on where rates are headed after the last week’s strong job data.

The pan-European Stoxx 600 was trading choppy throughout the day and closed slightly higher by 0.15 percent. Oil and gas stocks gained while household goods closed in the red. FTSE gained 0.36 percent due to the rally in mining and banks while CAC and DAX closed lower by 0.07 percent and 0.16 percent respectively on Tuesday.

 

Indian stock market updates

 

Indian stock markets closed marginally lower on Tuesday amid mixed global cues. Investors remain sidelined ahead of RBI monetary policy outcome, which is scheduled on 8th Feb. The market participants also remained cautious ahead of  US Fed chair Jerome Powell’s speech which was delivered on Tuesday. 

The market breadth was almost flat with the advance decline indicating a neutral ratio at the end. FIIS were the net sellers in the Indian equity markets, offloading Rs 2559.96 crore while DIIs were net buyers of rs 639.82 crore Tuesday. 

 

Q3 Results Today

 

Shree Cement, Adani Power, Adani Wilmar, Cummins India, Escorts Kubota, Dreamfolks Services, Endurance Technologies,, Minda Corporation, Samvardhana Motherson International, Narayana Hrudayalaya, Oberoi Realty, Piramal Enterprises, Equitas Small Finance Bank, GATI, Gujarat Pipavav Port, Graphite India, HG Infra Engineering, Honeywell Automation India, IRCON International, ITD Cementation India, Speciality Restaurants, Symphony, Tracxn Technologies, Trent, and Windlas Biotech will announce their Q3 earnings today

 

News you should read before the trade setup for today 8 Feb

 

On 7 Feb, Moody’s Investor Services released a report saying that the risk to Indian banks due to the rout faced by Adani stocks is limited. It further said the exposure of the country’s lenders to the embattled business group is not large enough. Earlier Fitch Ratings also said Indian banks’ exposure to the Adani group won’t pose a substantial risk to the banks’ standalone credit profiles.

The crude oil prices rose around 4 percent on Tuesday after the devastating earthquake in Turkey and Syria, due to the close of a key oil-export terminal. The outage of an oil export terminal in Turkey gave those long-on crudes the chance to push prices up sharply for a second day on Tuesday.

The WTI crude oil was up by 4.1% at $77.14 per barrel while Brent crude gained 3.3% at $83.69 per barrel. On Wednesday’s early trade Brent crude oil price is trading with a minor cut by 0.49 percent

 

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Editor’s Desk