SGX Nifty Sees Lower Open, Signifying Losses Friday

In opening market trading Friday, the SGX Nifty is lower by -26.50 points which is in trend with what is happening in other Asian markets and globally. The SGX is down 0.34 percent and the high resistance level for Friday is 7,925.00 while the low support level is 7,598.00. As a leading indicator for the India NSE Nifty, the SGX Nifty is pointing to losses Friday following gains Thursday in Indian markets.

On Thursday, the NSE Nifty closed at 7,735.50 for a gain of 28.95 points or 0.38 percent. The BSE Sensex closed at 25,262.21   for a gain of 160.48 points or 0.64 percent. Among India NSE stocks gaining Thursday included Sun Pharma, HDFC, HDFC Bank and Tata Motors. Capital goods and auto were among the leading sectors to gain.

Telecom was in the spotlight Thursday after Indian company Idea Cellular announced it might spend $1.3 billion to add data spectrum. The company’s stock fell significantly on the news and rival telecoms also noted their current spending for 4G airwaves and 4G networks. Bharti Airtel is rumored to be buying selective 4G airwaves while Vodafone’s India unit is also increasing spending for 4G networks.

In other Asian markets China’s Shanghai Composite closed at 2,991.27 for a loss of -1.37 points or -0.05 percent. Hong Kong’s Hang Seng closed at 20,525.83 for a loss of -151.11 points or -0.73 percent. Japan’s market was closed.

In Europe, market indexes were broadly lower Thursday as global economic data continued to weigh on stock valuations. The two main large-cap indexes, the FTSE 100 and FTSE 250 were both lower. The FTSE 100 closed at 6,112.02 for a loss of -73.57 points or -1.19 percent. The FTSE 250 closed at 16,659.44 for a loss of -70.65 points or -0.42 percent. In other European markets, France’s CAC 40 closed at 4,324.23 for a loss of -1.09 percent. Germany’s DAX closed at 9,828.25 for a loss of -98.52 points or -0.99 percent.

In the U.S., market indexes closed broadly lower on Thursday. Economic data continued to be the key factor weighing on market valuations and the day’s report on jobless claims also added to the lower trend. On Thursday, the Dow Jones Industrial Average closed at 17,660.44 and was flat for the day with a 0.05 percent gain. The S&P 500 was also flat, closing at 2,050.61 for a gain of 0.51 points or 0.02 percent. The Nasdaq Composite closed lower for the day at 4,717.09 for a loss of 8.55 points or 0.18 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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