SGX Nifty Pointing Higher for Continued Gains in Indian Stocks

In opening market trading Tuesday, the SGX Nifty is higher by 15.5 points as Asian markets are trading mixed. The high resistance level for the SGX Nifty on Tuesday is 8,478.50 and the low support level is 7,958.00.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India. On Monday, stocks in India were higher. The NSE Nifty closed at 8238.50 for a gain of 68.30 points or 0.84 percent. The BSE Sensex was also higher at 26866.92 for a gain of 241.01 points or 0.91 percent.

All sectors were higher in India except for fast moving consumer goods. Auto, information technology and capital goods led gains. The S&P BSE Auto Index closed at 19520.74 for a gain of 287.48 points. The S&P BSE Information Technology Index closed at 11549.64 for a gain of 226.25 points. The S&P BSE Capital Goods Index closed at 14838.03 for a gain of 180.94 points.

Reserve Bank of India Governor, Raghuram Rajan, announced his departure on Saturday which mostly affected the bond and currency markets. Governor Rajan will leave at the end of September.

Stocks gained for the day on Monday following a global trend that was supported by European polls showing increased sentiment for the U.K. remaining in the European Union.

Stocks leading gains included Infosys, Jet Airways Ltd., Gammon India, Subros Ltd., DLF Ltd., Phoenix Mills Ltd. and Unitech Ltd.

The realty sector also traded higher Monday after the Securities and Exchange Board of India (SEBI) said it would allow assets under construction to be included in real estate investment trusts.

In other Asian markets, stocks also traded higher on Monday. China’s Shanghai Composite closed at 2888.81 for a gain of 3.70 points or 0.13 percent. Hong Kong’s Hang Seng Index closed at 20510.20 for a gain of 340.22 points or 1.69 percent. Japan’s Nikkei closed higher at 15965.30 for a gain of 365.64 points or 2.34 percent.

In Europe market indexes were also higher. The Stoxx Europe 600 gained 11.89 points or 3.65 percent to close at 337.67. The Stoxx Europe 50 closed at 2822.91 for a gain of 92.49 points or 3.39 percent. France’s CAC 40 closed at 4340.76 for a gain of 146.93 points or 3.50 percent. Germany’s DAX closed at 9962.02 for a gain of 330.66 points or 3.43 percent. The FTSE 100 was higher at 6204.00 for a gain of 182.91 points or 3.04 percent. The FTSE 250 was higher at 16959.11 for a gain of 537.07 points or 3.27 percent.

For the day the Dow Jones Industrial Average closed at 17804.87 for a gain of 129.71 points or 0.73 percent. The S&P 500 was also higher, closing at 2083.25 for a gain of 12.03 points or 0.58 percent. The Nasdaq Composite closed higher at 4837.21 for a gain of 36.88 points or 0.77 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing higher at 1157.70 for a gain of 13.00 points or 1.14 percent; the S&P 600 closing at 710.04 for a gain of 8.56 points or 1.22 percent; the S&P 400 Mid-Cap Index closing at 1494.98 for a gain of 15.03 points or 1.02 percent; the Russell 3000 closing at 1229.71 for a gain of 8.14 points or 0.67 percent; and the Dow Jones U.S. Select Dividend Index closing at 600.01 for a gain of 3.04 points or 0.51 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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