SGX Nifty Pointing Higher for Stocks in India

In opening market trading Monday, the SGX Nifty is higher by 3 points as Asian markets are mixed in opening trading. The high resistance level for Monday is 7,881.83 and the low support level is 7,659.83.

As a leading indicator for stocks in India, the SGX Nifty is pointing higher for the day after stocks in India closed lower on Friday. On Friday, the NSE Nifty was down -33.70 points or -0.43 percent to close at 7,749.70. The BSE Sensex was also lower closing at 25,301.90 for a loss of -97.82 points or -0.39 percent. All market sectors were lower in India Friday except for the S&P BSE Fast Moving Consumer Goods Index which was higher for the day at 7,722.48 for a gain of 14.65 points. Healthcare, capital goods and bank stocks all led the market lower. The S&P BSE Healthcare Index closed at 15,274.89 for a loss of -215.62. The S&P BSE Capital Goods Index was lower at 13,058.94 for a loss of -98.28 points. The S&P BSE Bankex and the Bank Nifty Index were also lower Friday. The S&P BSE Bankex was down -89.62 points to 18,739.83 and the Bank Nifty Index was down 83.8 points to 16,481.45.

Stocks on watch in India for Monday include Tata Power and Bharat Petroleum Corporation. Bharat Petroleum will report its fourth quarter earnings. Tata Power will also likely be actively traded as its production contracts come under close regulatory scrutiny for competitive pressures.

On Friday, in Asian markets, trading overall was mostly higher. Japan’s Nikkei closed at 16,736.35 for a gain of 89.69 points or 0.54 percent. Hong Kong’s Hang Seng was higher at 19,852.20 for a gain of 157.87 points or 0.80 percent. China’s Shanghai Composite was higher at 2,825.48 for a gain of 18.58 points or 0.66 percent. The Asia Dow was higher at 2,569.89 for a gain of 5.75 points or 0.22 percent.

In European markets, the FTSE 100 was higher by 102.97 points or 1.70 percent to close at 6,156.32 and the FTSE 250 was higher at 16,922.06 for a gain of 191.95 points or 1.15 percent. France’s CAC 40 was higher at 4,353.90 for a gain of 71.36 points or 1.67 percent. The Stoxx Europe 600 was higher at 338.01 for a gain of 4.10 points or 1.23 percent. The Europe Dow was higher at 1,525.95 for a gain of 20.12 points or 1.34 percent.

In the U.S., the leading market indexes traded mostly higher on Friday. The Dow Jones Industrial Average gained 65.54 points or 0.38 percent to close at 17,500.94. The S&P 500 was also higher at 2,052.32 for a gain of 12.28 points or 0.60 percent. The Nasdaq Composite was higher at 4,769.56 for a gain of 57.03 points or 1.21 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

You may also like...

Discussion on SGX Nifty Pointing Higher for Stocks in India