SGX Nifty Pointing Higher for Stocks in India after Losses

In opening market trading Wednesday, the SGX Nifty is higher by 6.5 points with Asian markets trading mixed. The high resistance level for the SGX Nifty on Wednesday is 8,327.00 and the low support level is 8,118.50.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India on Wednesday. On Tuesday, investors took profits from previous gains which pushed stocks lower. The NSE Nifty was lower, closing at 8219.90 for a loss of -18.60 points or -0.23 percent. The BSE Sensex was also lower, closing at 26812.78 for a loss of -54.14 points or -0.20 percent.

Sectors in India were mixed on Tuesday. Banking, healthcare and capital goods stocks led losses while auto and consumer durables led gains. The S&P BSE Bankex Index was lower at 20153.63 for a loss of -131.51 points. The S&P BSE Healthcare Index was lower at 14826.42 for a loss of -59.46 points. The S&P BSE Capital Goods Index was lower at 14779.95 for a loss of -58.08 points. The S&P BSE Auto Index reported a gain of 113.42 points to close at 19634.16. The S&P BSE Consumer Durables Index gained 45.3 points to close at 11608.58.

Stocks leading losses for the day included HDFC Bank, Infosys Ltd, Larsen & Toubro Ltd. and NTPC Ltd. Automobile stocks, Bajaj Auto Ltd., Hero MotoCorp Ltd., TVS Motor Co. Ltd. and Mahindra & Mahindra Ltd. led gains for the day.

In other Asian markets on Tuesday, stock trading was mixed. China’s Shanghai Composite closed at 2878.56 for a loss of -10.25 points or -0.35 percent. Hong Kong’s Hang Seng Index closed at 20668.44 for a gain of 158.24 points or 0.77 percent. Japan’s Nikkei closed at 16169.11 for a gain of 203.81 points or 1.28 percent.

In Europe market indexes were mostly higher. The Stoxx Europe 600 was higher at 340.04 for a gain of 2.37 points or 0.70 percent. The Stoxx Europe 50 was higher at 2850.84 for a gain of 27.93 points or 0.99 percent. France’s CAC 40 was higher at 4367.24 for a gain of 26.48 points or 0.61 percent. Germany’s DAX was higher at 10015.54 for a gain of 53.52 points or 0.54 percent. The FTSE 100 was higher at 6226.55 for a gain of 22.55 points or 0.36 percent. The FTSE 250 was higher at 16980.31 for a gain of 21.20 points or 0.13 percent.

In the U.S. the leading stock indexes were higher on Tuesday. The Dow Jones Industrial Average closed at 17829.73 for a gain of 24.86 points or 0.14 percent. The S&P 500 was also higher, closing at 2088.90 for a gain of 5.65 points or 0.27 percent. The Nasdaq Composite closed higher at 4843.76 for a gain of 6.55 points or 0.14 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing lower at 1153.87 for a loss of -3.83 points or -0.33 percent; the S&P 600 closing at 708.28 for a loss of -1.76 points or -0.25 percent; the S&P 400 Mid-Cap Index closing at 1494.67 for a loss of -0.31 points or -0.02; the Russell 3000 closing at 1232.07 for a gain of 2.36 point or 0.19 percent; and the Dow Jones U.S. Select Dividend Index closing at 600.79 for a gain of 0.78 points or 0.13 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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