SGX Nifty Pointing Lower for Further Losses in Indian Stocks


In opening market trading Friday, the SGX Nifty is lower by 9.5 points as stocks in Asia are trading mixed. The high resistance level for the SGX Nifty on Friday is 8374.33 and the low support level is 7933.33.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing lower for stocks in India on Friday. On Thursday, the NSE Nifty closed lower at 8140.75 for a loss of -65.85 points or -0.80 percent. The S&P BSE Sensex was also lower at 26525.46 for a loss of -200.88 points or -0.75 percent. Nearly all sectors were lower on Thursday in India with the exception of metals. Stock sectors leading losses included banking and auto. The S&P BSE Bankex Index was lower at 20241.68 for a loss of -283.42 points. The S&P BSE Auto Index was lower at 19126.97 for a loss of -177.09.

Uncertainty over the U.K.’s exit vote on June 23 was the main reason for the day’s losses as both the U.S. Federal Reserve and Bank of Japan cited concern over the global affects.

Stocks leading losses for the day included ICICI Bank, down 3.63 percent, IndusInd Bank, down 2.75 percent and Tata Consultancy Services, down 0.82 percent.

In other Asian markets, stocks were mostly lower on Thursday. China’s Shanghai Composite was lower at 2872.82 for a loss of -14.39 points or -0.50 percent. Hong Kong’s Hang Seng Index was lower at 20038.42 for a loss of -429.10 points or -2.10 percent. Japan’s Nikkei was lower at 15434.14 for a loss of -485.44 points or -3.05 percent.

In Europe market indexes were also lower. The Stoxx Europe 600 was lower at 321.29 for a loss of -2.34 points or -0.72 percent. The Stoxx Europe 50 was lower at 2698.16 for a loss of -6.48 points or -0.24 percent. France’s CAC 40 was lower at 4153.01 for a loss of -18.57 points or -0.45 percent. Germany’s DAX was lower at 9550.47 for a loss of -56.24 points or -0.59 percent. The FTSE 100 was lower at 5950.48 for a loss of -16.32 points or -0.27 percent. The FTSE 250 was lower at 16032.04 for a loss of -266.28 points or -1.63 percent.

On Thursday in the U.S., stocks traded flat. The Dow Jones Industrial Average closed at 17733.10 for a gain of 92.93 points or 0.53 percent. The S&P 500 was also higher, closing 2077.99 for a gain of 6.49 points or 0.31 percent. The Nasdaq Composite closed higher at 4844.91 for a gain of 9.98 points or 0.21 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, lower at 1148.19 for a loss of -1.11 points or -0.10 percent; the S&P 600 closing at 703.01 for a loss of -0.70 points or -0.10 percent; the S&P 400 Mid-Cap Index closing at 1478.81 for a loss of -1.16 points or -0.08 percent; the Russell 3000 closing at 1225.09 for a gain of 2.91 points or 0.24 percent; and the Dow Jones U.S. Select Dividend Index closing at 595.98 for a gain of 1.95 points or 0.33 percent.

Julie Young

julie@sgxnifty.org

Julie Young is a senior Market Reporter and Analyst

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