SGX Nifty Higher Indicating Gains for Stocks in India on Monday

In opening market trading Monday, the SGX Nifty is higher by 32.50 points which is slightly better than the directional trend in other Asian markets. On Friday in Singapore the SGX Nifty closed at 7,781.00 for a gain of 32.50 points or 0.42 percent. The high for the day was 7,766.50 and the low for the day was 7,692.00. The high resistance level for Monday is 7,853.83 and the low resistance level is 7,630.33. As a leading indicator for the India NSE Nifty, the SGX Nifty gained on Friday while NSE Nifty fell just slightly. The NSE Nifty closed at 7,733.45 on Friday for a loss of -2.05 points or -0.03 percent. The BSE Sensex was also lower, closing on Friday at 25,228.50 for a loss of -33.71 points or -0.13 percent. Market sectors in India were mixed with gains from auto, consumer durables and oil and gas. Sectors leading stocks lower included healthcare and information technology.

Bharti Airtel Ltd. was a leading market mover on Friday. The telecom stock gained 1.44 percent or 5.10 points to end the day at 359.50 INR. The gains followed a major divestiture from the company which included 950 towers expected to generate proceeds of $110 million to $130 million. The divestiture was especially favored by the market because of its use for paying down debt and reducing capital expenditures. Also in the news was Cigarette maker ITC Ltd. which will be closing plants to comply with new regulations. Godfrey Phillips, a U.S. Philip Morris India partner, was also affected by the regulations and saw its stock fall. On Friday ITC Ltd. was down -0.17 percent to 317.10 INR while Godfrey Phillips fell -4.31 percent to 807.20 INR.

In other Asian markets China’s Shanghai Composite closed at 2,913.25 for a loss of -84.59 points or -2.82 percent. Hong Kong’s Hang Seng Index closed at 20,109.87 for a loss of -339.95 points or -1.66 percent. Japan’s Nikkei closed at 16,106.72 for a loss of -40.66 points or -0.25 percent and the Nikkei 300 closed at 261.72 for a loss of -0.41 points or -0.16 percent.

In Europe, market indexes were mixed. The FTSE 100 closed at 6,125.70 for a gain of 8.45 points or 0.14 percent. The FTSE 250 was lower at 16,648.76 for a loss of -12.94 points or -0.08 percent. The Stoxx Europe 600 closed at 331.67 for a loss of -1.19 points or -0.36 percent and the Stoxx Europe 50 closed at 2,765.43 for a loss of -10.60 points or -0.38 percent. France’s CAC 40 closed at 4,301.24 for a loss of -18.22 points or -0.42 percent and Germany’s DAX closed at 9,869.95 for a gain of 18.09 points or 0.18 percent.

In the U.S., trading was mostly affected by the April jobs report from the Bureau of Labor Statistics. On Friday the Dow Jones Industrial Average closed at 17,740.63 for a gain of 79.92 points or 0.45 percent. The S&P 500 was also higher, closing at 2,057.14 for a gain of 6.51 points or 0.32 percent. The Nasdaq Composite was at 4,736.15 for a gain of 19.06 points or 0.40 percent.

Julie Young

julie@sgxnifty.org

Julie Young is a senior Market Reporter and Analyst

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