SGX Nifty Pointing Higher for a Weekly Gain in Indian Stocks

In opening market trading Friday, the SGX Nifty is higher by 18.5 points with global stocks trending mostly higher. The high resistance level for Friday is 8,259.67 and the low resistance level is 7,865.17.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher following gains from Thursday. On Thursday, the NSE Nifty was higher at 8069.65 for a gain of 134.75 points or 1.70 percent. The BSE Sensex was also higher at 26366.68 for a gain of 485.51 points or 1.88 percent. All market sectors were higher in India on Thursday led by capital goods and banking stocks. The S&P BSE Capital Goods Index closed at 14449.51 for a gain of 1166.49. The S&P BSE Bankex Index was higher at 19725 for a gain of 428.29 points. For the week, the NSE Nifty is higher with a gain of 308.75 points or 3.98 percent.

Indian stocks leading in the Thursday’s trading included, Larsen & Toubro, up 15 percent after a positive earnings report, Bajaj Auto, up 1.7 percent after reporting a profit increase for the quarter ending in March and GAIL India Ltd., gaining 2 percent after fourth quarter profit was substantially higher, up nearly 50 percent.

Asian markets overall traded mostly higher on Thursday. China’s Shanghai Composite closed at 2822.44 for a gain of 7.36 points or 0.26 percent. Hong Kong’s Hang Seng Index was higher at 20397.11 for a gain of 29.06 points or 0.14 percent. Japan’s Nikkei was higher at 16772.46 for a gain of 15.11 points or 0.09 percent.

In Europe market indexes were also mostly higher on Thursday. The FTSE 100 closed at 6265.65 for a gain of 2.80 points or 0.04 percent. The FTSE 250 was lower at 17192.83 for a loss of -39.81 points or -0.23 percent. The Stoxx Europe 600 was higher at 348.91 for a gain of 0.35 points or 0.10 percent. France’s CAC 40 was higher at 4512.64 for a gain of 31.00 points or 0.69 percent. Germany’s DAX was higher at 10272.71 for a gain of 67.50 points or 0.66 percent.

In the U.S. the leading stock indexes were mostly lower. The Dow Jones Industrial Average closed at 17,828.29 for a loss of 23.22 points or 0.13 percent. The Standard & Poor’s 500 was down, closing at 2,090.10 for a loss of 0.44 points or 0.02 percent. The Nasdaq Composite closed higher at 4,901.77 for a gain of 6.88 points or 0.14 percent.

Other notable index closes in the U.S. on Thursday included the small-cap Russell 2000 closing at 1,139.75 for a loss of 1.27 points or 0.11 percent; the small-cap S&P 600 closing at 696.98 for a loss of 0.90 points or 0.13 percent; the S&P 400 Mid-Cap Index, which closed at 1,480.65 for a loss of 0.55 points or -0.04 percent; the Russell 3000, which closed at 1,230.70 for a loss of 0.65 points or 0.05 percent, and the Dow Jones U.S. Select Dividend Index, which closed at 589.27 for a gain of 1.39 points or 0.24 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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