SGX Nifty Pointing Higher for Stocks in India Ahead of U.K. Exit Announcement

In opening market trading Friday, the SGX Nifty is higher by 20 points with Asian markets trading mixed. The high resistance level for the SGX Nifty on Friday is 8,463.33 and the low support level is 8,103.33.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India on Friday. On Thursday, stocks gained in India. The NSE Nifty closed at 8270.45 for a gain of 66.75 points or 0.81 percent. The BSE Sensex closed at 27002.22 for a gain of 236.57 points or 0.88 percent.

Stocks gained on Thursday as the probability of a U.K. exit from the European Union was lower. All sectors were higher for the day with banking, auto and healthcare leading gains. The S&P BSE Bankex was higher at 20460.32 for a gain of 324.52 points. The S&P BSE Auto Index closed higher at 19694.83 for a gain of 212.54 points. The S&P BSE Healthcare Index closed higher at 14996.86 for a gain of 108.34 points.

Stocks leading gains for the day included Reliance Communications, Tata Motors, Bharat Forge Ltd., Natco Pharma Ltd., Sun Pharmaceutical Industries Ltd., Lupin Ltd. and Aurobindo Pharma Ltd.

In other Asian markets, stocks were mixed on Thursday. China’s Shanghai Composite closed at 2891.96 for a loss of -13.59 points or -0.47 percent. Hong Kong’s Hang Seng Index closed at 20868.34 for a gain of 73.22 points or 0.35 percent. Japan’s Nikkei closed at 261.09 for a gain of 2.95 points or 1.14 percent.

In Europe market indexes were higher. The Stoxx Europe 600 closed at 346.34 for a gain of 5.02 points or 1.47 percent. The Stoxx Europe 50 closed at 2901.24 for a gain of 38.58 points or 1.35 percent. France’s CAC 40 closed at 4465.90 for a gain of 85.87 points or 1.96 percent. Germany’s DAX closed at 10257.03 for a gain of 185.97 points or 1.85 percent. The FTSE 100 closed at 6338.10 for a gain of 76.91 points or 1.23 percent. The FTSE 250 closed at 17333.51 for a gain of 289.97 points or 1.70 percent.

In the U.S., the leading market indexes were higher on Thursday. The Dow Jones Industrial Average closed at 18011.07 for a gain of 230.24 points or 1.29 percent. The S&P 500 closed at 2113.32 for a gain of 27.87 points or 1.34 percent. The Nasdaq Composite closed higher at 4910.04 for a gain of 76.72 points or 1.59 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing at 1172.22 for a gain of 23.25 points or 2.02 percent; the S&P 600 closing at 719.19 for a gain of 14.08 points or 2.00 percent; the S&P 400 Mid-Cap Index closing at 1517.51 for a gain of 26.30 points or 1.76 percent; the Russell 3000 closing at 1247.10 for a gain of 17.46 points or 1.42 percent; and the Dow Jones U.S. Select Dividend Index closing at 607.55 for a gain of 8.10 points or 1.35 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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