SGX Nifty Pointing Lower for Indian Stocks Ahead of U.K. Exit Vote

In opening market trading Thursday, the SGX Nifty is lower by 13 points with Asian markets trading mixed. The high resistance level for the SGX Nifty on Thursday is 8,352.83 and the low support level is 8,052.83.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing lower for stocks in India on Thursday. On Thursday, the focus for markets globally will be on the U.K. and its vote to exit the European Union.

On Wednesday, stocks in India were lower. The NSE Nifty was down -16.20 points or -0.20 percent at 8203.70. The BSE Sensex was also lower at 26765.65 for a loss of -47.13 points or -0.18 percent.

In India, most all sectors were lower. The S&P BSE Auto Index led losses for the day with a closing value down -151.87 points at 19482.29. Capital goods were also significantly lower with the S&P BSE Capital Goods Index closing at 14720.86 for a loss of -59.09.

Stocks leading losses with connections to the U.K. and high global demand included Tata Motors, Infosys Ltd. and Tata Consultancy Services Ltd.

In other Asian markets, trading was mixed on Wednesday. China’s Shanghai Composite closed at 2905.55 for a gain of 26.99 points or 0.94 percent. Hong Kong’s Hang Seng Index closed at 20795.12 for a gain of 126.68 points or 0.61 percent. Japan’s Nikkei closed at 258.14 for a loss of -1.69 points or -0.65 percent.

In Europe market indexes were mostly higher. The Stoxx Europe 600 was higher at 341.32 for a gain of 1.28 points or 0.38 percent. The Stoxx Europe 50 was higher at 2862.66 for a gain of 11.82 points or 0.41 percent. France’s CAC 40 was higher at 4380.03 for a gain of 12.79 points or 0.29 percent. Germany’s DAX was higher at 10071.06 for a gain of 55.52 points or 0.55 percent. The FTSE 100 was higher at 6261.19 for a gain of 34.64 points or 0.56 percent. The FTSE 250 was higher at 17043.54 for a gain of 63.23 points or 0.37 percent.

In the U.S., the leading market indexes were lower on Wednesday. The Dow Jones Industrial Average closed at 17780.83 for a loss of -48.90 points or -0.27 percent. The S&P 500 was also down, closing at 2085.45 for a loss of -3.45 points or -0.17 percent. The Nasdaq Composite closed lower at 4833.32 for a loss of -10.44 points or -0.22 percent.

Other notable index closes included the small-cap Russell 2000, closing lower at 1148.97 for a loss of -4.90 points or -0.42 percent; the S&P 600 closing at 705.11 for a loss of -3.17 points or -0.45 percent; the S&P 400 Mid-Cap Index closing at 1491.21 for a loss of -3.46 points or -0.23 percent; the Russell 3000 closing at 1229.64 for a loss of -2.43 points or -0.20 percent; and the Dow Jones U.S. Select Dividend Index closing at 599.45 for a loss of -1.34 points or -0.22 percent.

Julie Young

julie@sgxnifty.org

Julie Young is a senior Market Reporter and Analyst

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