SGX Nifty Pointing Lower with Stocks Trading Volatilely after Brexit Vote

In opening market trading Tuesday, the SGX Nifty is lower by 45 points as stocks in Asia trade lower. The high resistance level for the SGX Nifty on Tuesday is 8266.00 and the low support level is 7885.00.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing lower for stocks in India as Brexit continues to cause stock volatility globally. On Monday, stocks in India gained. The NSE Nifty was higher at 8094.70 for a gain of 6.10 points or 0.08 percent. The BSE Sensex was also higher at 26402.96 for a gain of 5.25 points or 0.02 percent. Stock sectors were mostly higher with gains led by healthcare, capital goods and consumer durables. The S&P BSE Healthcare Index closed at 15226.47 for a gain of 300.75 points. The S&P BSE Capital Goods Index closed at 14529.22 for a gain of 232.18 points. The S&P BSE Consumer Durables Index closed at 11663.05 for a gain of 119.24 points.

Stocks leading gains for the day included UltraTech Cement Ltd., ACC Ltd., Hindustan Unilever Ltd., ITC Ltd., Monsanto India Ltd., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Indian Oil Corp.

Stocks with high exposure to Europe were lower including Tata Consultancy Services Ltd., Infosys Ltd. and HCL Technologies.

In other Asian markets, stocks were mixed on Monday. China’s Shanghai Composite closed at 2895.70 for a gain of 41.42 points or 1.45 percent. Hong Kong’s Hang Seng Index closed at 20227.30 for a loss of -31.83 points or -0.16 percent. Japan’s Nikkei Composite closed at 15309.21 for a gain of 357.19 points or 2.39 percent. In Europe, stocks were lower on Monday. The Stoxx Europe 600 closed at 308.75 for a loss of -13.23 points or -4.11 percent. The Stoxx Europe 50 closed at 2636.71 for a loss of -70.04 points or -2.59 percent. France’s CAC 40 closed at 3984.72 for a loss of -122.01 points or -2.97 percent. Germany’s DAX closed at 9268.66 for a loss of -288.50 points or -3.02 percent. The FTSE 100 closed at 5982.20 for a loss of -156.49 points or -2.55 percent. The FTSE 250 closed at 14967.86 for a loss of -1120.19 points or -6.96 percent.

In the U.S., the leading stock indexes were lower. On Monday, the Dow Jones Industrial Average closed at 17140.24 for a loss of -260.51 points or -1.50 percent. The S&P 500 was also down, closing at 2000.54 for a loss of -36.87 points or -1.81 percent. The Nasdaq Composite closed lower at 4594.44 for a loss of -113.54 points or -2.41 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, lower for the day at 1089.65 for a loss of -37.89 points or -3.36 percent; the S&P 600 closing at 670.90 for a loss of -21.11 points or -3.05 percent; the S&P 400 Mid-Cap Index, closing at 1416.66 for a loss of -40.93 points or -2.81 percent; the S&P 100 closing at 887.38 for a loss of -13.13 points or -1.46 percent; the Russell 3000 closing at 1177.35 for a loss of -24.28 points or -2.02 percent; and the Dow Jones U.S. Select Dividend Index closing at 583.87 for a loss of -8.84 points or -1.49 percent.

Julie Young

julie@sgxnifty.org

Julie Young is a senior Market Reporter and Analyst

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