SGX Nifty Pointing Lower for Stocks in India as Global Markets Are Lower

In opening market trading Tuesday, the SGX Nifty is lower by 11 points which is in trend with what is happening in other Asian markets. The high resistance level for Tuesday is 8454.83 and the low support level is 8331.83.

As a leading indicator for the NSE Nifty, the SGX Nifty is pointing lower for stocks in India on Tuesday as Asian markets are trading mostly lower. On Monday, stocks in India were slightly higher for the day. The NSE Nifty closed at 8370.70 for a gain of 42.35 points or 0.51 percent. The BSE Sensex was also lower for the day at 27278.76 for a gain of 133.85 points or 0.49 percent. Most all sectors in India were higher for the day with gains led by capital goods, energy, metals, banking and auto. The S&P BSE Capital Goods Index was higher at 15377.59 for a gain of 191.06 points. The S&P Oil & Gas Index was higher at 10145.3 for a gain of 155.76 points. The S&P BSE Metals Index was higher at 8714.7 for a gain of 143.31 points. The S&P BSE Bankex Index was higher at 20741.7 for a gain of 123.09. The S&P BSE Auto Index was higher at 19904.19 for a gain of 121.88 points.

Tata Motors led stock gains for the day after reporting strong auto sales for June. Adani Port and Special Economic Zone also led trading for the day with gains.

In other Asian markets, stocks were mostly higher. China’s Shanghai Composite was higher at 2988.60 for a gain of 56.13 points or 1.91 percent. Hong Kong’s Hang Seng Index was higher at 21059.20 for a gain of 264.83 points or 1.27 percent. The Nikkei Composite Index was higher at 15775.80 for a gain of 93.32 points or 0.60 percent.

In Europe, stocks were mostly lower. The Stoxx Europe 600 was lower at 329.78 for a loss of -2.46 points or -0.74 percent. The Stoxx Europe 50 was lower at 2814.02 for a loss of -11.84 points or -0.42 percent. The Euro Stoxx 50 was lower at 2862.21 for a loss of -20.85 points or -0.72 percent. France’s CAC 40 was lower at 4234.86 for a loss of -39.10 points or -0.91 percent. Germany’s DAX Index was lower at 9709.09 for a loss of -67.03 points or -0.69 percent. The FTSE 100 was lower at 6522.26 for a loss of -55.57 points or -0.84 percent. The FTSE 250 was lower at 16116.70 for a loss of -348.79 points or -2.12 percent.

In the U.S., stock market trading was closed for the Fourth of July holiday. U.S. stock futures trended mostly higher on Monday. Dow Futures were up 17 points to 17883.0. S&P 500 Futures were up 3.75 points to 2100.0. Nasdaq Futures were up 8 points to 4440.25. Russell Futures were up 2.70 points to 1156.9.

Julie Young

julie@sgxnifty.org

Julie Young is a senior Market Reporter and Analyst

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