SGX Nifty Pointing Higher for Continued Gains in India

In opening market trading Friday, the SGX Nifty is higher by 19.5 points as Asian stocks trade mixed. The high resistance level for the SGX Nifty on Friday is 8,378.83 and the low support level is 8,075.83.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India on Friday after gains on Thursday. On Thursday, the NSE Nifty closed at 8218.95 for a gain of 39.00 points or 0.48 percent. The S&P BSE Sensex was higher at 26843.14 for a gain of 129.21 points or 0.48 percent. All sectors in India were higher except consumer durables and healthcare. Bank stocks and metals led gains for the day. The S&P BSE Consumer Durables Index was lower at 11646.71 for a loss of -77.33. The S&P BSE Healthcare Index was lower at 15167.79 for a loss of -63.34. The S&P BSE Bankex Index was higher at 20055.16 for a gain of 183.48. The S&P BSE Metals Index was also higher at 8063.83 for a gain of 157.4.

Mining stocks were actively traded in India Thursday with significant gains specifically from Coal India Ltd. which gained 3.42 percent on Thursday. The sector’s gains were mostly led by higher coal prices.

India’s Jyothy Laboratories Ltd. was also higher on Thursday after a potential buyout report. The stock was up 3.5 percent.

On Thursday, losses were reported in the auto sector. Bajaj Auto fell 2 percent after a May sales report decrease.

In other Asian markets China’s Shanghai Composite closed at 2925.23 for a gain of 11.72 points or 0.40 percent. Hong Kong’s Hang Seng Index closed at 20859.22 for a gain of 98.24 points or 0.47 percent. Japan’s Nikkei closed at 16562.55 for a loss of -393.18 or -2.32 percent.

In Europe, the Stoxx Europe 600 was higher at 344.35 for a gain of 0.23 points or 0.07 percent. The Stoxx Europe 50 was lower at 2877.49 for a loss of -2.08 points or -0.07 percent. France’s CAC 40 was lower at 4466.00 for a loss of -9.39 points or -0.21 percent. Germany’s DAX was higher at 10208.00 for a gain of 3.56 points or 0.03 percent.

In the U.S., the leading indexes were higher on Thursday. The Dow Jones Industrial Average closed at 17,838.56 for a gain of 48.89 points or 0.27 percent. The S&P 500 was also higher, closing at 2105.26 for a gain of 5.93 points or 0.28 percent. The Nasdaq Composite closed higher at 4971.36 for a gain of 19.11 points or 0.39 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000 closing at 1169.05 for a gain of 6.01 points or 0.52 percent; the S&P 600 closing at 713.22 for a gain of 3.11 points or 0.44 percent; the S&P 400 Mid-Cap Index closing at 1505.89 for a gain of 7.37 points or 0.49 percent; the Russell 3000 which closed at 1241.69 for a gain of 3.13 points or 0.25 percent; and the Dow Jones U.S. Select Dividend Index which closed at 594.89 for a gain of 1.49 points or 0.25 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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