SGX Nifty Pointing Lower for Stocks in India as Brexit Continues to Affect Markets

In opening market trading Monday, the SGX Nifty is lower by 29 points as stocks in most Asian markets are trading lower. On Friday, the SGX Nifty was lower, down 0.36 percent to close at 8049.50. The high for the day was 8280.00 and the low for the day was 7922.00. The high resistance level for the SGX Nifty on Monday is 8623.00 and the low support level is 7549.00.

On Friday, stocks in India were lower. The NSE Nifty was down -181.85 points or -2.20 percent to close at 8088.60. The BSE Sensex was lower at 26397.71 for a loss of -604.51 points or -2.24 percent. All sectors were lower on Friday. Banking, auto and capital goods stocks led losses. The S&P BSE Bankex Index closed at 19910.87 for a loss of -549.45 points. The S&P BSE Auto Index closed at 19176.16 for a loss of -518.67 points. The S&P BSE Capital Goods Index closed at 14297.04 for a loss of -487.46

All stocks were lower for the day after the U.K. reported it would be leaving the European Union which sent global stocks and currency values to new lows. In India, stocks reporting the greatest losses included Tata Motors and Tata Steel, both with ties to the U.K.

In other Asian markets, stocks were all lower on Friday. China’s Shanghai Composite closed at 2854.29 for a loss of -37.67 points or -1.30 percent. Hong Kong’s Hang Seng Index closed at 20259.13 for a loss of -609.21 points or -2.92 percent. Japan’s Nikkei closed at 14952.02 for a loss of -1286.33 points or -7.92 percent.

In Europe, market indexes were also lower. The Stoxx Europe 600 closed at 321.98 for a loss of -24.36 points or -7.03 percent. The Stoxx Europe 50 closed at 2706.75 for a loss of -194.49 points or -6.70 percent. France’s CAC 40 closed at 4106.73 for a loss of -359.17 points or -8.04 percent. Germany’s DAX was lower at 9557.16 for a loss of -699.87 points or -6.82 percent.

In the U.S., market indexes were all lower on Friday. The Dow Jones Industrial Average closed at 17399.86 for a loss of -611.21 points or -3.39 percent. The S&P 500 was also lower, closing at 2037.30 for a loss of -76.02 points or -3.60 percent. The Nasdaq Composite closed lower at 4707.98 for a loss of -202.06 points or -4.12 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing lower at 1127.54 for a loss of -44.69 points or -3.81 percent; the S&P 600 closing at 692.03 for a loss of -27.16 points or -3.78 percent; the S&P 400 Mid-Cap Index closing at 1457.54 for a loss of -59.97 points or -3.95 percent; the Russell 3000 closing at 1201.62 for a loss of -45.48 points or -3.65 percent; and the Dow Jones U.S. Select Dividend Index closing at 592.71 for a loss of -14.84 points or -2.44 percent.

Julie Young

julie@sgxnifty.org

Julie Young is a senior Market Reporter and Analyst

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