SGX Nifty Pointing Higher for Further Gains in Indian Stocks

In opening market trading Wednesday, the SGX Nifty is higher by 37 points as Asian markets are trending higher. The high resistance level for Wednesday is 7,823.50 and the low support level is 7,679.50.

As a leading indicator for stocks in India, the SGX Nifty is pointing higher after also gaining on Tuesday. On Tuesday, the Nifty 50 Index was higher at 7748.85 for a gain of 17.80 points or 0.23 percent. The BSE Sensex was also higher at 25305.47 for a gain of 75.11 points or 0.30 percent. For the day, trading by sector was mixed with healthcare and energy lower. Sectors leading gains for the day included auto and bank stocks.

Stocks leading gains included Tata Power and Novartis India. Tata Power gained for the day after reporting positive earnings. Novartis India was higher in trading for the day after the company announced consideration for a share buyback.

In other Asian markets on Tuesday, stock trading was mixed. Japan’s Nikkei was down at 16498.76 for a loss of -155.84 or -0.94 percent. Hong Kong’s Hang Seng Index was higher at 19830.43 for a gain of 21.40 points or 0.11 percent.  The Shanghai Composite in China was lower at 2821.67 for a loss of -21.98 points or -0.77 percent. The Asia Dow was lower at 2561.20 for a loss of -20.78 or -0.80 percent.

In European markets on Tuesday, The FTSE 100 was higher at 6,219.26 for a gain of 82.83 points or 1.35 percent. The FTSE 250 was higher at 17,135.67 for a gain of 103.93 points or 0.61 percent. Germany’s DAX was higher on Tuesday, closing at 10057.31 for a gain of 215.02 points or 2.18 percent. France’s CAC 40 closed at 4431.52 for a gain of 106.42 points or 2.46 percent. The Stoxx Europe 600 was higher at 344.12 for a gain of 7.43 points or 2.21 percent. The Europe Dow was higher at a 1544.65 for a gain of 26.81 points or 1.77 percent.

In the U.S., the Dow Jones Industrial Average closed at 17,706.05 for a gain of 213.12 points or 1.22 percent. The S&P 500 was also higher, closing at 2,076.06 for a gain of 28.02 points or 1.37 percent. The Nasdaq Composite closed higher at 4,861.06 for a gain of 95.27 points or 2.00 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000 closing higher at 1,135.31 for a gain of 23.94 points or 2.15 percent; the S&P 600 closing at 694.02 for a gain of 14.53 points or 2.14 percent; the S&P 400 Mid-Cap Index closing at 1,471.49 for a gain of 25.05 points or 1.73 percent; the Russell 3000 closing at 1,222.90 for a gain of 17.23 points or 1.43 percent; and the Dow Jones U.S. Select Dividend Index closing at 584.85 for a gain of 6.81 points or 1.18 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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