SGX Nifty Pointing Lower for Stocks in India

In opening market trading Thursday, the SGX Nifty is lower by 15.5 points which is also in trend with what is happening in other Asian markets. The high resistance level for the SGX Nifty on Thursday is 8273.50 and the low support level is 8132.50.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing lower for stocks on Thursday. On Wednesday, the NSE Nifty gained with an increase of 0.24 percent to 8179.95. The BSE Sensex was also higher gaining 0.17 percent to 26713.93. Sector trading for stocks in India was mixed on Wednesday. Consumer goods and technology led gains while banking and auto stocks led losses. The S&P BSE Fast Moving Consumer Goods Index was higher at 8173.36 for a gain of 128.33 points. The S&P BSE Information Technology Index was higher at 11672.58 for a gain of 96.44 points. The S&P BSE Bankex was lower at 19871.68 for a loss of -240.06 points and the S&P BSE Auto Index was down -116.09 points to 19247.16.

Positive GDP data was the main catalyst for the gains on Wednesday. Stocks leading gains included ITC and Asian Paints both affected by the higher GDP data which also included a more positive outlook for consumer spending with an 8.3 percent increase in spending for the first quarter of the year.

Other Asian markets traded mostly lower for the day on Wednesday. The Shanghai Composite was lower at 2913.51 for a loss of -3.11 points or -0.11 percent. Hong Kong’s Hang Seng Index was lower at 20760.98 for a loss of -54.11 points or -0.26 percent. Japan’s Nikkei was lower at 16955.73 for a loss of -279.25 points or -1.62 percent.

In Europe market indexes were also lower. The FTSE 100 was down -38.86 points or -0.62 percent at 6191.93. The FTSE 250 was down -123.26 points for a loss of -0.72 percent at 17061.47. The Stoxx Europe 600 was lower at 344.12 for a loss of -3.33 points or -0.96 percent. France’s CAC 40 was lower at 4475.39 for a loss of -30.23 points or -0.67 percent. Germany’s DAX was also lower at 10204.44 for a loss of -58.30 points or -0.57 percent.

In the U.S. the leading stock indexes trader higher. The Dow Jones Industrial Average closed at 17789.67 for a gain of 2.47 points or 0.01 percent. The S&P 500 Index was also higher at 2099.33 for a gain of 2.37 points or 0.11 percent. The Nasdaq Composite gained 4.20 points or 0.08 percent to close higher at 4952.25.

Other notable index closes in the U.S. included the small-cap Russell 2000 which closed higher at 1163.04 for a gain of 8.25 points or 0.71 percent; the S&P 600 closing at 710.11 for a gain of 4.97 points or 0.70 percent; the S&P 400 Mid-Cap Index closing at 1498.52 for a gain of 5.47 points or 0.37 percent; the Russell 3000 closing at 1238.56 for a gain of 2.34 points or 0.19 percent; and the Dow Jones U.S. Select Dividend Index closing at 593.40 for a gain of 1.67 points or 0.28 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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