SGX Nifty Pointing Higher with High Volatility Expected for Indian Stocks

In opening market trading Monday, the SGX Nifty is higher by 9.5 points which is in trend with what is happening in other Asian markets. On Friday in Singapore the SGX Nifty closed at 8,166.00, gaining 0.12 percent. The high for the day was 8,218.00 and the low for the day was 8,149.00. The high resistance level for the SGX Nifty on Monday is 8,269.00 and the low support level is 8,062.00.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in Indian on Monday. High volatility in India is also expected in trading for Monday and throughout the week as the U.K. exit vote is scheduled for Thursday and governor Raghuram Rajan’s could announce his departure from the Reserve Bank of India.

On Friday, the NSE Nifty gained, closing at 8170.20 for an increase of 29.45 points or 0.36 percent. The BSE Sensex was also higher, closing at 26625.91 for a gain of 100.45 points or 0.38 percent. On Friday, most all sectors in India were higher with the exception of healthcare, capital goods and energy. Auto and consumer goods stocks led the day’s gains. The S&P BSE Auto Index closed at 19233.26 for a gain of 106.29 points. The S&P BSE Consumer Durables Index closed at 11503.17 for a gain of 67.07 points.

Housing Development Finance Corp. was actively traded Friday, ending the day with a gain after reports that the company would be pursuing a merger with Max Financial Services and subsidiary Max Life Insurance Co Ltd. Shares of HDFC gained 22.05 points or 1.84 percent to INR 1,223.00. In trading on Friday, Max Financial was also higher, closing at INR 472.70 for a gain of 43.95 points or 10.25 percent.

On Friday, Coal India also led gains for the day after the government increased its support for buying more coal domestically from Coal India. The stock gained 4.55 points or 1.48 percent on Friday to close at INR 312.10.

In other Asian markets, stocks were higher on Friday. China’s Shanghai Composite closed at 2885.11 for a gain of 12.29 points or 0.43 percent. Hong Kong’s Hang Seng Index closed at 20169.98 for a gain of 131.56 points or 0.66 percent. Japan’s Nikkei was higher at 15599.66 for a gain of 165.52 points or 1.07 percent.

In Europe, market indexes were also higher on Friday. The Stoxx Europe 600 closed at 325.78 for a gain of 4.49 points or 1.40 percent. The Stoxx Europe 50 closed at 2730.42 for a gain of 32.26 points or 1.20 percent. France’s CAC 40 closed at 4193.83 for a gain of 40.82 points or 0.98 percent. Germany’s DAX was higher with a gain of 80.89 points or 0.85 percent to close at 9631.36. The FTSE 100 closed at 6021.09 for a gain of 70.61 points or 1.19 percent. The FTSE 250 closed at 16422.04 for a gain of 390.00 points or 2.43 percent.

Stocks in the U.S were mostly lower Friday. The Dow Jones Industrial Average lost -57.94 points or -0.33 percent to close at 17675.16. The S&P 500 was also down, closing at 2071.23 for a loss of -6.76 points or -0.33 percent. The Nasdaq Composite closed lower at 4800.34 for a loss of -44.58 points or -0.92 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing lower at 1,145 for a loss of -3.49 points or -0.30 percent; the S&P 600 closing at 701.48 for a loss of -1.53 points or -0.22 percent; the S&P 400 Mid-Cap Index closing at 1,479.95 for a gain of 1.14 points or 0.08 percent; the Russell 3000 closing at 1,221.57 for a loss of -3.52 points or -0.29 percent; and the Dow Jones U.S. Select Dividend Index closing at 596.97 for a gain of 0.99 points or 0.17 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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