SGX Nifty Pointing Higher for Stocks in India

In opening market trading Thursday, the SGX Nifty is higher by 48.5 points which is in trend with other Asian markets. The high resistance level for the SGX Nifty on Thursday is 8324.33 and the low support level is 8066.33.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India. On Wednesday, stocks in India were higher. The NSE Nifty closed at 8204.00 for a gain of 76.15 points or 0.94 percent. The BSE Sensex was also higher at 26740.39 for a gain of 215.84 points or 0.81 percent. Most all sectors were higher on Wednesday. The S&P BSE Auto Index was higher at 19473.01 for a gain of 289.73 points. The S&P BSE Information Technology Index was higher at 11150.37 for a gain of 153.16 points. The S&P BSE Consumer Durables Index was higher at 11803.4 for a gain of 149.89 points.

Gains in stocks were mostly fueled by a federal government increase in the minimum wage which helped auto and retail stocks. Stocks leading gains for the day included Hero Motocorp, Shoppers Stop Ltd. and Future Enterprises.

Metals and mining stocks were also higher for the day as government support allowed new mineral exploration for private companies. Among stocks gaining in metals and mining included Vedanta Ltd., Tata Steel Ltd. and Hindalco Industries Ltd.

In other Asian markets, stocks also gained on Wednesday. China’s Shanghai Composite was higher at 2931.59 for a gain of 19.03 points or 0.65 percent. Hong Kong’s Hang Seng Index closed at 20436.12 for a gain of 263.66 points or 1.31 percent. Japan’s Nikkei closed at 15566.83 for a gain of 243.69 points or 1.59 percent.

In Europe, stocks were also higher. The Stoxx Europe 600 closed at 326.49 for a gain of 9.79 points or 3.09 percent. The Stoxx Europe 50 closed at 2783.71 for a gain of 83.53 points or 3.09 percent. France’s CAC 40 closed at 4195.32 for a gain of 106.47 points or 2.60 percent. Germany’s DAX closed at 9612.27 for a gain of 164.99 points or 1.75 percent. The FTSE 100 Index was higher at 6360.06 for a gain of 219.67 points or 3.58 percent. The FTSE 250 was higher at 16002.90 for a gain of 499.84 points or 3.22 percent.

In the U.S., the leading indexes were higher on Wednesday. The Dow Jones Industrial Average was higher at 17694.68 for a gain of 284.96 points or 1.64 percent. The S&P 500 was also higher, closing at 2070.77 for a gain of 34.68 points or 1.70 percent. The Nasdaq composite closed higher at 4779.25 for a gain of 87.38 points or 1.86 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing higher at 1131.62 for a gain of 24.32 points or 2.20 percent; the S&P 600 closing at 693.87 for a gain of 14.03 points or 2.06 percent; the S&P 400 Mid-Cap Index closing at 1468.20 for a gain of 25.70 points or 1.78 percent; the Russell 3000 closing at 1219.61 for a gain of 21.16 points or 1.77 percent; and the Dow Jones U.S. Select Dividend Index closing at 600.15 for a gain of 8.96 points or 1.52 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

You may also like...

Discussion on SGX Nifty Pointing Higher for Stocks in India