SGX Nifty Pointing Lower for Indian Stocks

In opening market trading Friday, the SGX Nifty is lower by 9.5 points with stocks trading mostly higher in Asia. The high resistance level for the SGX Nifty on Friday is 8426.00 and the low support level is 8223.50.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing lower for stocks in India. On Thursday, stocks in India were higher. The NSE Nifty closed at 8287.75 for a gain of 83.75 points or 1.02 percent. The BSE Sensex was also higher at 26999.72 for a gain of 259.33 points or 0.97 percent. In India all sectors were higher Wednesday led by banking, auto and capital goods. The S&P BSE Bankex Index was higher at 20531.2 for a gain of 295.63 points. The S&P BSE Auto Index was higher at 19744.64 for a gain of 271.63 points. The S&P BSE Capital Goods Index was higher at 14874.79 for a gain of 177.85 points.

In the auto sector, stocks continued to gain from a federal government increase in the minimum wage. Auto stocks leading gains included Hero MotoCorp Ltd., Bajaj Auto Ltd. and TVS Motor Co. Ltd. Other stocks leading gains for the day included Idea Cellular Ltd. and Nava Bharat Ventures.

In other Asian markets, stocks traded mixed on Thursday. China’s Shanghai Composite closed at 2929.61 for a loss of -1.99 percent or -0.07 percent. Hong Kong’s Hang Seng Index was higher at 20794.37 for a gain of 358.25 points or 1.75 percent. Japan’s Nikkei was higher at 15575.92 for a gain of 9.09 points or 0.06 percent. Stocks in Europe were mostly higher. The Stoxx Europe 600 closed at 329.88 for a gain of 3.39 points or 1.04 percent. The Stoxx Europe 50 was higher at 2813.33 for a gain of 29.62 points or 1.06 percent. France’s CAC 40 was higher at 4237.48 for a gain of 42.16 points or 1.00 percent. Germany’s DAX was higher at 9680.09 for a gain of 67.82 points or 0.71 percent. The FTSE 100 was higher at 6504.33 for a gain of 144.27 points or 2.27 percent. The FTSE 250 was higher at 16271.07 for a gain of 268.17 points or 1.68 percent.

In the U.S., the leading indexes were higher on Thursday. The Dow Jones Industrial Average closed at 17929.99 for a gain of 235.31 points or 1.33 percent. The S&P 500 was also higher, closing at 2098.86 for a gain of 28.09 points or 1.36 percent. The Nasdaq Composite closed higher at 4842.67 for a gain of 63.43 points or 1.33 percent.

Other notable U.S. index closes included the small-cap Russell 2000, closing higher at 1151.92 for a gain of 20.31 points or 1.79 percent; the S&P 600 closing at 708.36 for a gain of 14.49 points or 2.09 percent; the S&P 400 Mid-Cap Index closing at 1496.50 for a gain of 28.30 points or 1.93 percent; the Russell 3000 closing at 1236.62 for a gain of 17.01 points or 1.39 percent; and the Dow Jones U.S. Select Dividend Index closing at 611.90 for a gain of 11.75 points or 1.96 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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