Trade Setup for Friday 24th Jan 2025, Key Factors to Watch Out For Today: Asian stock market indexes are trading higher on Friday, tracking positive cues from Wall Street overnight. The sentiments are positive as U.S. President Donald Trump called for lower interest rates and cheaper oil prices at Devos.
Nikkei was up 0.56%, and the core inflation rate in Japan climbed to 3% year-on-year in December, marking a 16-month high and strengthening the case for a potential rate hike by the Bank of Japan. The news came ahead of the central bank’s monetary policy meeting, where analysts anticipate the highest rate increase in 17 years.
Meanwhile, Hong Kong’s Hang Seng and Shanghai indices are trading higher by 1.78% and 0.49% respectively at 8.30 AM IST.
US Stock Market Updates
The US stock market indexes closed higher as Investors closely followed President Donald Trump’s keynote address at the World Economic Forum in Davos, Switzerland. Trump covered a variety of topics.
He criticized the U.S. Federal Reserve, stating he would “demand that interest rates drop immediately,” and discussed the relationship between the U.S. and the European Union. Trump also announced his intention to urge Saudi Arabia and OPEC to lower oil prices, which led to a decline in crude oil futures. Shares of GE Aerospace stock rallied after the company reported stronger profit for the December quarter.
The key benchmark, the Dow Jones Industrial Average (DJIA) closed 408 points higher or 0.92%, while the S&P 500 ended at a record high up by 0.53% and the Nasdaq gained 0.22% on Thursday.
European Stock Market Updates
European stock market indexes closed higher on Thursday, as positive momentum continued in the market. The pan-European Stoxx 600 index ended marginally higher by 0.45%, the UK’s FTSE closed flat by 0.23%, while DAX and CAC ended higher by 0.76% and 0.70% respectively.
The market upside was capped as Puma shares dropped by 19% on intraday in the early trade after the company announced that it missed full-year 2024 profit expectations.
Indian Stock Market Updates
Indian stock markets closed higher on Thursday, as investors continued to show buying interest in IT stocks. The shares of media, consumer durable, and pharma also supported the domestic markets to close in the positive zone. The upside remained capped as banking, financial and energy closed in the negative zone.
The equity benchmarks, Sensex and Nifty closed marginally higher by 0.15% and 0.22% respectively. The broader markets outperformed, as the Nifty Midcap and Smallcap indexes gained 1.86% and 1.12% respectively.
FIIs were the net seller, they offloaded shares worth Rs 5462.52 Cr., while DIIs bought shares worth Rs 3712.55 Cr.
Today’s Market View
The overall market is under neutral mode with bias still on the cautious side for the day. The global cues are positive and the Gift Nifty is trading higher at 23322 level, indicating a positive opening for the day.
Nifty index has taken support around 23000 levels. The intraday support is now at 23100 while resistance is at the 23400 mark. Meanwhile, the Bank Nifty index is showing some buying at lower zones. The support is placed at 48300 while the resistance is at the 49000 mark.
Q3 Results Today
JSW Steel, DLF, Interglobe Aviation, Godrej Consumer Products, Torrent Pharmaceuticals, Shriram Finance, Bank Of India, AU Small Finance Bank, Laurus Labs, Atul, Jindal Saw, Trident, CreditAccess Grameen, Granules India, Shakti Pumps (India), and others will announce their Q3 earnings on Friday, 24th January 2025.
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