SGX Nifty Higher as Valuations Continue to Gain in India

In opening market trading Tuesday, the SGX Nifty is higher by 13 points as Asian stocks continue to gain. The high resistance level for the SGX Nifty on Tuesday is 8,270.83 and the low support level is 8,122.33.

As a leading indicator for India’s NSE Nifty, the SGX Nifty is suggesting another day of gains for Indian stocks. On Monday, the NSE Nifty finished higher at 8,178.50 for a gain of 21.85 points or 0.27 percent. India’s BSE Sensex Index was also higher Monday closing at 26,725.60 for a gain of 72.00 points or 0.27 percent. Most all sectors in India were higher with the auto, metals and technology sectors leading gains for the day. Sectors with losses for the day included oil and gas, consumer goods and healthcare.

Stocks leading gains on Monday in India included Hindalco Industries Ltd. and State Bank of India. Hindalco was higher after a strong earnings report helped shares gain. Hindalco was up 12 percent on Monday. The State Bank of India was also actively traded with a gain of 1 percent after the company reported an improved earnings outlook.

In other Asian markets, stocks also traded higher on Monday. China’s Shanghai Composite was higher at 2,822.45 for a gain of 1.40 points or 0.05 percent. Japan’s Nikkei 225 was higher at 17,068.02 for a gain of 233.18 points or 1.39 percent. Hong Kong’s Hang Seng Index was higher at 20,629.39 for a gain of 52.62 points or 0.26 percent.

In Europe, the FTSE 100 and FTSE 250 were closed for the U.K. holiday. Germany’s DAX was higher at 10,333.23 for a gain of 46.92 points or 0.46 percent. France’s CAC 40 was higher at 4,529.40 for a gain of 14.66 points or 0.32 percent. The Stoxx Europe 600 was higher at 350.14 for a gain of 0.50 points or 0.14 percent.

The U.S. market was also closed for a holiday on Monday. In trading on Friday, the Dow Jones Industrial Average closed at 17,873.22 for a gain of 44.93 points or 0.25 percent. The S&P 500 was higher at 2,099.06 for a gain of 8.96 points or 0.43 percent. The Nasdaq Composite was higher at 4,933.50 for a gain of 31.74 points or 0.65 percent.

Other notable U.S. index closes from Friday included the small-cap Russell 2000, closing at 1,150.45 for a gain of 10.69 points or 0.94 percent; the S&P 600 which closed at 702.84 for a gain of 5.86 points or 0.84 percent; the S&P 400 Mid-Cap Index which closed at 1,492.07 for a gain of 11.42 points or 0.77 percent; and the Dow Jones U.S. Select Dividend Index which closed at 591.50 for a gain of 2.23 points or 0.38 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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