SGX Nifty Pointing Higher for Stocks in India with Help from Government and Monsoon Affects

In opening market trading Monday, the SGX Nifty is higher by 45.5 points which is in trend with what is happening in other Asian markets. The high resistance level for the SGX Nifty on Monday is 8449.17 and the low support level is 8258.67.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing higher for stocks in India on Monday. On Friday, stocks in India closed higher. The NSE Nifty closed at 8328.35 for a gain of 40.60 points or 0.49 percent. The BSE Sensex closed at 27144.91 for a gain of 145.19 points or 0.54 percent. Most all sectors in India were higher on Friday. Stocks were led by capital goods, energy and healthcare. The S&P BSE Capital Goods Index was higher at 15186.53 for a gain of 311.74 points. The S&P Oil & Gas Index was higher at 9989.54 for a gain of 268.59 points. The S&P BSE Healthcare Index was higher at 15653.87 for a gain of 160.87 points.

The government’s support for increased minimum wages and the agricultural monsoon affects helped stocks on Friday and are continuing momentum on Monday. Stocks leading in marketing trading on Friday included Mahanagar Gas, ITC Ltd., Larsen & Toubro, Hero MotoCorp and TVS Motor Company.

In other Asian markets, stocks were mostly higher on Friday. China’s Shanghai Composite was higher at 2932.48 for a gain of 2.87 points or 0.10 percent. Hong Kong market trading was closed Friday. Japan’s Nikkei was higher at 15682.48 for a gain of 106.56 points or 0.68 percent.

In Europe, stocks were also higher.  The Stoxx Europe 600 was higher at 332.24 for a gain of 2.36 points or 0.72 percent. The Stoxx Europe 50 was higher at 2825.86 for a gain of 12.53 points or 0.45 percent. France’s CAC 40 was higher at 4273.96 for a gain of 36.48 points or 0.86 percent. Germany’s DAX was higher at 9776.12 for a gain of 96.03 points or 0.99 percent. The FTSE 100 was higher at 6577.83 for a gain of 73.50 points or 1.13 percent. The FTSE 250 was higher at 16465.49 for a gain of 194.42 points or 1.19 percent.

In the U.S., the leading indexes were also higher on Friday. For the day the Dow Jones Industrial Average closed at 17949.37 for a gain of 19.38 points or 0.11 percent. The S&P 500 was also higher, closing at 2102.95 for a gain of 4.09 points or 0.19 percent. The Nasdaq Composite closed higher at 4862.57 for a gain of 19.89 points or 0.41 percent.

Other notable index closes in the U.S. included the small-cap Russell 2000, closing at 1156.77 for a gain of 4.84 points or 0.42 percent; the S&P 600 closing at 710.17 for a gain of 1.81 points or 0.26 percent; the S&P 400 Mid-Cap Index closing at 1500.20 for a gain of 3.70 points or 0.25 percent; the Russell 3000 closing at 1239.52 for a gain of 2.90 points or 0.23 percent; and the Dow Jones U.S. Select Dividend Index closing at 612.36 for a gain of 0.46 points or 0.08 percent.

Julie Young

Julie Young is a senior Market Reporter and Analyst

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